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From Efficient Markets Theory to Behavioural Finance
AFF3121 - Investments and Portfolio Management
2 Found helpful • 7 Pages • Essays / Projects • Year: Pre-2021
Before the conceptualisation of behavioural finance, the efficient market hypothesis (EMH) and other rational financial theories were widely accepted. However, in interrogating these theories, academics identified anomalies which were not consistent with much of the efficient markets theory. Critics questioned the notion that investors behave rationally, and found that there are various instances where their psychological structure and the sociological fabric can cause investors to behave in unpredictable ways. This evinced the concept of behavioural finance.
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