Assistant Professor of Finance, the Wharton School, University of Pennsylvania and John E. Simon Professor of Finance, Washington University, respectively. The authors have benefitted from comments at an NBER Summer Institute, Cornell University and, in particular, from Takotoshi Ito. The authors are grateful to the Institute of Banking and Financial Markets, Washington University (St. Louis), for financial support. An earlier version of this paper was distributed as NBER working paper no. 1530.
Asset Returns, Discount Rate Changes, and Market Efficiency
Article first published online: 30 APR 2012
1985 The American Finance Association
The Journal of Finance
Volume 40, Issue 4, pages 1141–1158, September 1985
How to Cite
SMIRLOCK, M. and YAWITZ, J. (1985), Asset Returns, Discount Rate Changes, and Market Efficiency. The Journal of Finance, 40: 1141–1158. doi: 10.1111/j.1540-6261.1985.tb02368.x
- Issue published online: 30 APR 2012
- Article first published online: 30 APR 2012
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