[lbo-talk] More on markets ...

[Jordan Hayes]

[ Challenger disaster cause determined by the market within hours
... --JMH ]

http://slate.msn.com/id/2086811/

"But in an article in the forthcoming September Journal of Corporate
Finance-the abstract can be seen here-Michael T. Maloney of Clemson
University and J. Harold Mulherin of Claremont McKenna College argue
that the market figured out which company was responsible within minutes
of the disaster, and calculated how much the disaster would cost the
culprit in lost profits within hours. It's either spooky coincidence or
the ultimate proof of the efficiency of markets. "

[ ... ]

/jordan