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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
Stable URL: http://www.jstor.org/stable/2353073
Page Count: 11
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Changes in the Standard and Poor's 500 List
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Abstract

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.

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