Key points are not available for this paper at this time.
L. Harris and E. Gurel (1986) and A. Shleifer (1986) examined changes in the Standard and Poor's list. Both studies presented evidence inconsistent with efficient markets. Looking at newer data and at bond and option prices, the authors find that case against market efficiency is not compelling. Copyright 1991 by University of Chicago Press.
Dhillon et al. (1991) studied this question.