Empirical anomalies accumulated through the 1970s that potentially contradicted the efficient-market hypothesis.

Evidence

However, research by financial economists in the 1970s and the 1980s pointed to a wider range of phenomena that potentially were inconsistent with the efficient-market hypothesis. By 1978, there were enough of these phenomena to merit a special issue of the new journal of Financial Economics devoted to them. — Donald MacKenzie, An Engine, Not a Camera, 419

Categorization

• XREF: connects to: Market efficiency seemed sufficient for describing returns only briefly in the 1970s — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 391; The model’s assumptions contradicted actual early-1970s market conditions on every point. — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 628; Accumulating anomalies pointed toward a Kuhnian revolution in finance — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 426 (+1 more)

Broader Connections

• Accumulating anomalies pointed toward a Kuhnian revolution in finance #expands (0.90) — Donald MacKenzie, An Engine, Not a Camera, 426
• The efficient market hypothesis survived every empirical refutation and became finance orthodoxy #contradicts (0.85) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 758