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عمومی::
کل بازار سهام
This idea that market pricing efficient should work better at the individual stock level (micro efficiency) than at for the aggregate stock market (macro inefficiency)-which has become known as "Samuelson's dictum"-because typically information available for fundamental analysis of individual firms is much greater than the information regarding changes in aggregate earn- ings and dividends for the aggregate stock market.
Probably the best known is that of Robert Shiller (1981) who found that there was "excess volatility"in the aggregate stock market but not at the industry level.10 By excess volatility, Shiller meant that if the traditional fundamental models of equity valuation are valid economic models (i.e.
more influence on the aggregate stock market than can be rationalized by economic models of valuation.
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