Chasing Noise

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CFA Digest
August 2012 | Vol. 42 | No. 3 | 3 pages
Source: CFA Institute
Brock Mendel Andrei Shleifer
Rich Wiggins, CFA (Reviewer)



Market efficiency has been the subject of increased debate in the aftermath of the subprime meltdown. The authors’ model offers a partial explanation for the low market price of financial risk in rated fixed-income securities on the eve of the crisis.

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