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Fama (1965) defined an efficient market for the first time in his empirical analysis of stock market prices in which they conclude that they follow a random walk. Samuelson (1965) provided the first real arguments for efficient markets in his paper, «Proof», that properly anticipated prices fluctuate randomly. Harry Roberts (1967) coined the term efficient market hypothesis and made the distinction between weak and strong form tests, which became the classic taxonomy in Fama (1970).

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