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The Essential P/E: Understanding the stock market through the price-earnings ratio by Keith Anderson

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Chapter 6. Efficient Markets and the CAPM

‘Been there, done that’, any reader who has done a university corporate finance course may say, and move on with an involuntary shudder to the next section. A survey of developments in the world of academic finance is not what you might expect in a book on the P/E and how to use it (at least one that wants to sell a few copies). For any reader who hasn’t done a corporate finance course, I should warn that this is very much a high-level overview of efficient markets theory. Those who find this section particularly compelling (it takes all sorts) will find a much more comprehensive treatment in any well-known corporate finance textbook.

Nevertheless a brief overview of the academic background really ...

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