A Moderate Viewpoint to Efficient-Market Hypothesis and Behavioral Finance: the Efficiency of the Behavior of Participants in Transactions

After behavioral finance was introduced, disagreements arose between advocates of behavioral finance and those of efficient-market hypothesis, such that the two financial areas were regarded as contradictory by experts in the profession.In contrast to the prevailing view, it seems that the two approaches are not at odds.Therefore, the purpose of th

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