Emerging Issues In Evaluating Market Efficiency: Part 2

Law360, New York (July 30, 2013, 1:30 PM EDT) -- On June 28, 2010, an unknown and untested research firm called Muddy Waters published an online report on Orient Paper Inc., a Chinese company that became publicly traded on the New York Stock Exchange through a reverse merger, accusing the company of chronic financial fraud. The Internet became ablaze with both commentary deriding Orient Paper and questions about Muddy Waters' legitimacy.

The market, however, responded swiftly and unambiguously. Orient Paper stock dropped almost 40 percent in the three days following the publication of the Muddy Waters report, erasing tens of millions of dollars worth of equity. How could an unknown research...

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