In this journal, Best, Best, and Yoder (2000) recently demonstrated that portfolios of U.S. value stocks dominate portfolios of U.S. growth stocks in terms of second-order stochastic dominance (SSD). We cannot conclude from this finding that the market is SSD inefficient, however, because market

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hdl.handle.net/1765/6207
Journal of Economics and Finance
Erasmus School of Economics

Post, G.T, & van Vliet, P. (2004). Market portfolio efficiency and value stocks. Journal of Economics and Finance, 300–306. Retrieved from http://hdl.handle.net/1765/6207