Sharemarket Efficiency and the Experts: Some Australian Findings

This paper analyses the investment performance of 625 investment recommendations made by practitioners attending five Australian courses on portfolio management held between 1973 and 1979. It was found that course participants consistently out-performed the market, on a risk-adjusted basis. Their success was not due to picking winners to buy, but to nominating losers to sell.

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Year of publication:	1982
Authors:	Brown, Philip ; Walter, Terry
Published in:	Australian Journal of Management. - Australian School of Business. - Vol. 7.1982, 1, p. 19-31
Publisher:	Australian School of Business
Subject:	EFFICIENT MARKET HYPOTHESIS \| INVESTMENT PERFORMANCE \| SHARE GAME \| STRONG FORM EFFICIENCY

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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