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INVESTMENT PERFORMANCE OF COMMON STOCKS IN RELATION TO THEIR PRICE-EARNINGS RATIOS: A TEST OF THE EFFICIENT MARKET HYPOTHESIS

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  • S. Basu

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    • Faculty of Business, McMaster University. The author is indebted to Professors Harold Bierman, Jr., Thomas R. Dyckman, Roland E. Dukes, Seymour Smidt, Bernell K. Stone, all of Cornell University, and particularly to this Journal's referees, Nancy L. Jacob and Marshall E. Blume, for their very helpful comments and suggestions. Of course, any remaining errors are the author's responsibility. Research support from the Graduate School of Business and Public Administration, Cornell University is gratefully acknowledged.

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