The efficient market theory asserts that the price of a security reflects all available information about its fundamental value. A consequence of the theory is that it is impossible to consistently beat the market and speculation must be a loser's game. Hence, an indexing strategy is bound to eventually beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets. The Efficient Market Theory and Evidence reviews the extensive theoretical and empirical literature on the efficient markets hypothesis (EMH). The authors...

In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Years of experience as a finance professor and a consultant have led him to see that what matters aren't asset class labels, but instead the bundles of overlapping risks they represent. Factor risks must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so.
Clearly written yet full of the latest research and data, Asset Management is...