However, while EMH predicts that all price movement ( in the absence of change in fundamental information ) is random ( i. e., non-trending ), many studies have shown a marked tendency for the stock markets to trend over time periods of weeks or longer and that, moreover, there is a positive correlation between degree of trending and length of time period

They were eventually restored to their individual forms under the orders of Captain Janeway, using a procedure devised by the EMH and chief engineer B ' Elanna Torres.

The main proponent of this view was Samuelson, who asserted that the EMH is much better suited for individual stocks than it is for the aggregate stock market.

All that is required by the EMH is that investors ' reactions be random and follow a normal distribution pattern so that the net effect on market prices cannot be reliably exploited to make an abnormal profit, especially when considering transaction costs ( including commissions and spreads ).

This ' soft ' EMH does not require that prices remain at or near equilibrium, but only that market participants not be able to systematically profit from market ' inefficiencies '.

" Sudden market crashes as happened on Black Monday in 1987 are mysterious from the perspective of efficient markets, but allowed as a rare statistical event under the Weak-form of EMH.

Behavioral psychology approaches to stock market trading are among some of the more promising alternatives to EMH ( and some investment strategies seek to exploit exactly such inefficiencies ).

The traditional answer to this problem is the efficient market hypothesis ( in finance, the efficient market hypothesis ( EMH ) asserts that financial markets are efficient ), which suggests that the small shareholder will free ride on the judgments of larger professional investors.

They also point to research in the field of behavioral finance, specifically that people are not the rational participants EMH makes them out to be.

Technicians say that the EMH and random walk theories both ignore the realities of markets, in that participants are not completely rational and that current price moves are not independent of previous moves.

The second EMH cites protocol for an EMH to deactivate when its vessel was taken over, but Voyagers doctor notes that as both ships are at stake, they do not have that luxury.

In addition there have been many criticisms of the EMH.

Market strategist Jeremy Grantham has stated flatly that the EMH is responsible for the current financial crisis, claiming that belief in the hypothesis caused financial leaders to have a " chronic underestimation of the dangers of asset bubbles breaking ".

Others have advocated buy-and-hold on purely cost-based grounds, without resort to the EMH.

The weak-form EMH claims that prices on traded assets ( e. g., stocks, bonds, or property ) already reflect all past publicly available information.

The semi-strong-form EMH claims both that prices reflect all publicly available information and that prices instantly change to reflect new public information.

The strong-form EMH additionally claims that prices instantly reflect even hidden or " insider " information.

EMH allows that when faced with new information, some investors may overreact and some may underreact.

The Doctor, an Emergency Medical Hologram Mark I ( or EMH for short ), is a fictional character from the television series Star Trek: Voyager, played by actor Robert Picardo.

Burton Malkiel, a well-known proponent of the general validity of EMH, has warned that certain emerging markets such as China are not empirically efficient ; that the Shanghai and Shenzhen markets, unlike markets in United States, exhibit considerable serial correlation ( price trends ), non-random walk, and evidence of manipulation.

In conjunction with Janeway, the Borg develop a high-yield warhead armed with modified nanoprobes, developed by the Doctor, the ship's Emergency Medical Hologram ( EMH ), from the Borg's own technology, that is extremely effective at killing 8472 and forces it to retreat to fluidic space.

He is best known for his portrayals of Dr. Dick Richards on ABC's China Beach, the Emergency Medical Hologram ( EMH ), also known as The Doctor, on UPN's Star Trek: Voyager, The Cowboy in Innerspace, Coach Cutlip on The Wonder Years ( where he received an Emmy nomination ), Ben Wheeler in Wagons East, and as Richard Woolsey in the Canadian-American military science fiction television series Stargate SG-1, Stargate Atlantis, and Stargate Universe.

Technicians say that EMH ignores the way markets work, in that many investors base their expectations on past earnings or track record, for example.

* The Dominion War is briefly mentioned when the EMH Mark II mentions to the Doctor that " the Romulans haven't gotten involved in their fight with the Dominion.

EMH assumes that investors are highly intelligent and perfectly rational.

Warren Buffett is an example of a buy-and-hold advocate who has rejected the EMH in his writings, and has built his fortune by investing in companies at times when they were undervalued.

One of the strongest arguments for the buy and hold strategy is the efficient-market hypothesis ( EMH ): If every security is fairly valued at all times, then there is really no point to trade.

In particular the EMH says that economic profits cannot be wrung from stock picking.

In a 1999 response to Malkiel, Lo and McKinlay collected empirical papers that questioned the hypothesis ' applicability that suggested a non-random and possibly predictive component to stock price movement, though they were careful to point out that rejecting random walk does not necessarily invalidate EMH, which is an entirely separate concept from RWH.

In finance, the efficient-market hypothesis ( EMH ) asserts that financial markets are " informationally efficient ".

In this episode, it is claimed that Barclay worked with Dr. Lewis Zimmerman to develop the EMH doctor program, although since Barclay's appearance is actually caused by a holographic breakdown this may not actually be the case.

The efficient-market hypothesis ( EMH ) contradicts the basic tenets of technical analysis by stating that past prices cannot be used to profitably predict future prices.

Seeking assistance, the Doctor activates the ship's own EMH, a Mark II version of the program ( portrayed by Andy Dick ).

* " Rondine al nido " (" Swallow's Nest "), voice over by tenor Agostino Castagnola as The Doctor ( EMH ) portrayed by Robert Picardo.

Open access advocates generally reply that because open access is as much based on peer reviewing as traditional publishing, the quality should be the same ( recognizing that both traditional and open access journals have a range of quality ).

The BHHRG's advocates reply by quoting Aleksandr Tsinker, " Head of the Observer Mission from the Institute for East European and CIS Nations " — an organization publicly known for nothing else — as saying that the Ukrainian election " was a free expression of the voters ' will ".

Market abolitionists may reply that whilst advocates of the Austrian school recognize equilibrium prices do not exist, they nonetheless claim that these prices can be used as a rational basis whilst this is not the case, hence markets are not efficient.

Circumcision in particular was considered repulsive by Greeks and Hellenists while circumcision advocates were labelled Judaisers, see Jewish background to the circumcision controversy for details.

Dole had had a long history of representing the budget-balancing faction of the Party, while Kemp had had a long history of representing the tax-cutting advocates, and Kemp's tax-cutting fiscal track record was seen as the perfect fit for the ticket.

Anarchist communism ( also known as anarcho-communism and occasionally as free communism or libertarian communism ) is a theory of anarchism which advocates the abolition of the state, capitalism and private property ( while retaining respect for personal property ), and in favor of common ownership of the means of production, direct democracy and a horizontal network of voluntary associations and workers ' councils with production and consumption based on the guiding principle: " from each according to his ability, to each according to his need ".

Anarchist communism ( also known as anarcho-communism and occasionally as free communism ) is a theory of anarchism which advocates the abolition of the state, markets, money, capitalism and private property ( while retaining respect for personal property ), in favor of common ownership of the means of production, direct democracy and a horizontal network of voluntary associations and workers ' councils with production and consumption based on the guiding principle: " from each according to his ability, to each according to his need ".

Lieberman and Jackson argued that while advocates of both the Multiregional Model and the Out of Africa Model use the word race and make racial assumptions, none define the term.

Eric Ives, a British historian and legal expert, advocates the 1501 date, while Retha Warnicke, an American scholar who has also written a biography of Anne, prefers 1507.

More specifically, critics of American influence contend that the Bush Doctrine of advancing democracy throughout all the world is all that is needed to justify the term " American Imperialism ", while advocates of American influence define imperialism as colonialism to some degree and who claim protectionism rather than imperialism for recent American international behavior.

Conservatives and libertarians and advocates of free markets often identify equality with equality of opportunity, and want equal and fair rules in the process of making things, while agreeing that sometimes these fair rules lead to unequal outcomes.

Concurrently, it advocates a sustainable fiscal policy that doesn't place a burden on future generations while eradicating budget deficits.

Robbins and Hayek's views were based on the Austrian School of Economics with its emphasis on free trade and anti-interventionism, while Keynes advanced a brand of economic theory now known as Keynesianism which advocates active policy responses by the public sector.

Frankel was the founder and the most eminent member of the school of historical Judaism, which advocates freedom of research, while upholding the authority of traditional Jewish belief and practice.

Jackie Stewart's shaping experience of being soaked in fuel while being trapped in a BRM wreck at Spa 1966 led directly to him, alongside BRM team boss Louis Stanley both becoming outspoken advocates for motor racing safety.

While advocates of the theatre indicated that in principle it should be possible for any actor to play any character and that the play itself has an anti-racist message, the critics noted that the letter unwillingly disclosed the general, unexpressed policy of German theatres, i. e., that white actors are accounted to be qualified for all roles, even black ones, while black actors were suitable only for black roles.

The argument is that consumers have a right to know the content of their food and to choose to avoid it if they wish, while advocates such as Monsanto and the Council for Biotechnology Information, which represents companies such as Monsanto, call this an attempt to scare consumers and make them feel that the food is unsafe.

Theodore Kaczynski, more commonly known as ' The Unabomber ', wrote a play Ship of Fools while in prison, which uses the allegory for the state and advocates violent revolution on environmentalist grounds.

Smetana's champions have recognised the major influences on his work as Liszt, Wagner and Berlioz – the " progressives " – while those same advocates have often played down the significance of " traditionalist " composers such as Rossini, Donizetti, Verdi and Meyerbeer.

Lord Edward was among the advocates of the bolder course and there is some evidence that he favoured a project for the massacre of the Irish peers while in procession to the House of Lords for the trial of Lord Kingston in May 1798, despite the fact many were his own relations.

" In response to this argument, advocates of the paleodiet state that while Paleolithic hunter-gatherers did have a short average life expectancy, modern human populations with lifestyles resembling that of our preagricultural ancestors have little or no diseases of affluence, despite sufficient numbers of elderly.

In many Commonwealth jurisdictions, including in England and Wales, the " bar association " comprises lawyers who are qualified as barristers or advocates ( collectively known as " the bar ", or " members of the bar "), while the " law society " comprises solicitors.

When they complained that the tests might demonstrate ship survivability while ignoring the effect of radiation on sailors, Admiral Blandy responded by adding test animals to some of the ships, thereby generating protests from animal rights advocates.

The Maoist interpretation, while taking note of Yuan Shao's serious errors of judgement, advocates that the strong enemy will make fateful errors, while the weaker opponent need only to await their appearance.

So, for example, advocates of double effect typically consider the intentional terror bombing of non-combatants having as its goal victory in a legitimate war morally out of bounds, while holding as ethically in bounds an act of strategic bombing that similarly harms non-combatants with foresight but without intent as a side effect of destroying a legitimate military target.

The majority of Taiwanese and supporters of Taiwan independence often object to classification of Taiwanese Americans as Chinese Americans and overseas Chinese, while advocates of Chinese reunification often object if Taiwanese Americans are not included in these groups.