Abstract
[Efficient markets and asset pricing] research ... did not begin with the development of a theory of price formation which was then subjected to empirical tests. Rather, the impetus ... came from the accumulation of evidence ... that the behavior ... of speculative prices could be well approximated by a random walk ... Faced with the evidence, economists felt compelled to offer some rationalization .... In short, there existed a large body of empirical results in search of a rigorous theory.
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