TY  - JOUR
AU  - Skinner,Jonathan
TI  - Housing and Saving in the United States
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3874
PY  - 1991
Y2  - October 1991
UR  - http://www.nber.org/papers/w3874
L1  - http://www.nber.org/papers/w3874.pdf
N1  - Author contact info:
Jonathan S. Skinner
Department of Economics
6106 Rockefeller Hall
Dartmouth College
Hanover, NH 03755
Tel: 603/646-2535
Fax: 603/646-2122
E-Mail: jonathan.skinner@dartmouth.edu
M1  - published as Jonathan S. Skinner. "Housing and Saving in the United States," in Yukio Noguchi and James Poterba, "Housing Markets in the U.S. and Japan" University of Chicago Press (1994)

AB  - The efficient markets hypothesis has dominated modern research on asset prices. Asset prices and their intrinsic values differ in inefficient financial markets but difficulties in the measurement of intrinsic value greatly complicate market efficiency tests. Reflections on the measurement of intrinsic value provide insight into the interpretation of existing evidence and suggestions for generating new evidence on market efficiency. This review essay on the state of knowledge about market efficiency focuses on "A Reappraisal of the Efficiency of Financial Markets", analyzing the research areas from this perspective: (1) short-run stock return predictability; (2) asset pricing anomalies; and (3) excess volatility and present value relations.
ER  -