“It’s doubtful that we will return to the excesses
Mohammed Fawaz, IMC
Profi le | page 15
42
29
20
36
14
featur
WHAT NO
e
W FOR EFFICIENT MARKETS?
6
ACADEMIC ROUNDTABLE
Mark Tapley, CFA, FSIP, Lucio Sarno, James Sefton,
23
CHALLENGES TO MARKET EFFICIENCY
The credit crunch has demonstrated the irrational
and Steve Satchell look at where academic innovation
behaviour of investors, who either could not
will come from and discuss the outlook for fi nancial
recognise the signs or couldn’t bear to change their
theory following recent market events.
tactics, explains Daniel Murray, CFA.
17
EMH ROUNDTABLE
THE SHRINKING INDEX EFFECT
Alan Brown, FSIP, Roger Ibbotson, and William J
29 Trading stocks as they are added to a particular
Bernstein debate the value of the effi cient market
index has been a popular strategy, but its days may
hypothesis.
now be numbered, argue Srikant Dash, CFA, and
Aye M Soe.
20
EMH ISN’T WRONG, IT’S JUST INCOMPLETE
Gordon Pepper, CBE, FIA, FSIP explains the gaps in
the effi cient markets hypothesis and argues that it
32
SURPRISES REALLY
SHOULDN’T SURPRISE US
should be complemented with the liquidity theory of Economic theory needs to team up with behavioural
asset prices. science, argues Damian Handzy.
2 SUMMER 2009
02-302-3 contents.indd 2contents.indd 2 1/6/091/6/09 11:24:2311:24:23Professional Investor Summer 09.4 4 4/6/09 15:40:40
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76