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Changes in the Standard and Poor's 500 List
Upinder Dhillon and Herb Johnson
The Journal of Business
Vol. 64, No. 1 (Jan., 1991), pp. 75-85
Published by: The University of Chicago Press
Stable URL: http://www.jstor.org/stable/2353073
Page Count: 11
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Harris and Gurel (1986) and Shleifer (1986) examined changes in the S & P list. Both studies presented evidence inconsistent with efficient markets. Looking at newer data and at bond and option prices, we find the case against market efficiency is not compelling.
The Journal of Business © 1991 The University of Chicago Press