State of denial.

AuthorAllen, David
PositionLetters - Letter to the editor

One of the messages from HM Treasury's investigation of the credit crunch concerned the widespread failure to realise that the efficient-market hypothesis was not valid. On hearing this, I couldn't help recalling my article in the September 1997 issue of this magazine's forerunner, Management Accounting, in which I highlighted the irredeemable weaknesses of the hypothesis. This generated quite ah adverse response at the time from those wishing to preserve the characteristic basis of finance theory.

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I asked various academics why they persisted in teaching...

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