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### FNCE100_PS5(market efficiency

Course: ECONOMICS 4313, Spring 2009
School: HKU
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Word Count: 2037

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of University Pennsylvania The Wharton School FNCE 100 PROBLEM SET #5 Fall Term 2005 A. Craig MacKinlay Market Efficiency 1. Money manager Robert J. Betaman of Betaman-Rubin Associates has shown an uncanny ability to beat the market (i.e., to earn consistently abnormally high returns after adjustments for risk, transactions costs, etc.). Until recently, other investors attempts to learn Betamans secrets have...

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