IMAC Lecture - Efficient Market Hypothesis

Ron Bird  |  Australian National University & Portfolio Construction Forum

About this Lecture

This lecture instructs IMAC candidates on the theory and application of the Efficient Market Hypothesis including:

  • the concept of market efficiency;
  • factors affecting a market’s efficiency;
  • market value versus intrinsic value;
  • weak-form, semi-strong-form, and strong-form market efficiency;
  • the evidence on market efficiency and the implications.

About the Lecturer

Ron Bird is Professor Emeritus of Australian National University and Director of Portfolio Construction Forum’s Investment Management Research Program. Ron has worked in academia and industry. Early in his academic career, he was head of the Commerce Department of Australian National University (ANU). He joined industry and was head of the asset consulting practice and the global research unit at Towers Perrin; head of quantitative techniques for funds management at Westpac Investment Management; and, co-ordinated global research activities for Grantham, Mayo, Van Otterloo (GMO). He returned to academia in 1999, with University of Technology Sydney (UTS) where he taught honours and masters subjects in corporate finance and investments, and coordinated the School’s honours program. He established the Australian arm of the Investment Management Consultants Association (IMCA) and convened the first IMAC course in Australia in 2001, continuing to do so each year until 2016 when Portfolio Construction Forum took on the management and delivery of the CIMA program in Australia, at which point Ron continued as course director. More about Ron.


  1. Read the textbook chapter(s) and paper(s) listed below.
  2. Download the slides (using the link above the video) and print them, so you can take notes as you’re listening
  3. Watch the lecture. You can speed up or slow down the video using the settings in the control bar. If you leave the lecture part way through, note down the time because it won’t “remember” where you were when you return.
  4. Have your say about the lecture. Complete the 5 questions at the end of the page (your answers are confidential to the Forum and only anonymised, aggregated data is provided to lecturers.

IMAC Lecture:  Efficient Market Hypothesis

Essential reading(s)
- IABOK - Chapter 15 (Part II) (p776-787)

Additional reading(s)
- Notes on The Conditions for Market Efficiency (Bird)

Lecture  (2 hrs 17 min)  |  Slides (PDF)  |  Slides (Word)

What’s your view?

Please answer the following questions (your individual answers are confidential to the Forum and only anonymised, aggregated data is shared with the lecturers).

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