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March 18, 2026The Accounting Review

Understanding and Acceptance of the Efficient Markets Hypothesis and its Accounting Implications.

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Authors

AMAlan P. Mayer-SommerGeorgetown University

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Implication

The survey reveals low understanding and acceptance of the efficient markets hypothesis in accounting professionals, suggesting gaps in knowledge.

Key Points

  • The aim is to assess the understanding and acceptance of the efficient markets hypothesis (EMH) among accounting professionals.
  • Conducted a survey with selected accounting-information preparers and users.
  • Achieved a 79 percent analyzable response rate.
  • Evaluated levels of understanding and acceptance of the EMH's three forms.
  • Found low levels of understanding of the EMH and its accounting implications.
  • Determinants showed extremely low acceptance of the EMH.
  • A majority believed that fundamental analysis helps outperform market averages.

Cite This Study

Alan P. Mayer-Sommer (1979) studied this question.

synapsesocial.com/papers/69ba43cb4e9516ffd37a5535https://doi.org/10.2308/tar-4489480
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1The Efficient Market Hypothesis and Accounting Data: A Point of View.1972
  2. 2Efficient Capital Markets and External Accounting.1972 · 1 citations
  3. 3A Critical Look at the Efficient Market Empirical Research Literature As It Relates to Accounting Information.1973
  4. 4Analysis of Financial Market Efficiency2024 · 1 citations
  5. 5The Implications to Accounting of Efficient Markets and the Capital Asset Pricing Model.1974