

Twilight of the Efficient Markets - tokenadult
http://www.americanscientist.org/bookshelf/pub/twilight-of-the-efficient-markets

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d4ft
Admittedly, I have not read this book. However, from the synopsis, there is a
lot left unspoken. While it is true that pure CAPM and ECMH has basically been
written off, many economists still believe it is more than "loose fill". The
basic formula remains the same but needs to be improved with a more robust set
of risk factors, a more siginificant nod to behavioral analysis, and a more
coherent way to do both. Nonetheless, I certainly don't agree with the
contention that EMH is dead. Instead, I would contend that is an unfinished
block of clay waiting for details to turn it into a workable model.

For a more modern take, see Andrew Lo's Adaptive Market Hypothesis.

