Tuesday, November 21, 2017 Text is available under the CC BY-SA 3.0 licence.

Robert Haugen

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The New Finance focused on the market's major systematic mistake. In failing to appreciate the strength of competitive forces in a market economy, it over estimates the length of the short run. In doing so, it overreacts to records of success and failure for individual companies, driving the prices of successful firms too high and their unsuccessful counterparts too low.
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Chapter 15, The Wrong 20-yard Line, p. 142

 
Robert Haugen

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