E
UGENE
F.
FAMA

is the Theodore 0. Yntema Pro-
fessor of Finance at the Graduate School of Busi-
ness of the University of Chicago. His research
interests
encompass
the broad areas of economics,
finance, statistics, mathematical methods, and com-
puters, and he has been particularly concerned
zoith the behavior of stock-market prices. A leader
in
developing the so-called
efficient
markets hy-
pothesis, his
influential
writings have stimulated
a large
volume
of related research at Chicago and
elsewhere. Professor Fama received the B.A. degree
(magna cum laude) from
Tufts University
in
1960
and the Ph.D. degree
from
the
University
of Chi-
cago
in
1964. His doctoral dissertation, The Be-
havior of Stock-Market Prices, was published
in
the
Journal of Business,
January, 1965.
It

discussed
the theory of random walks in substantial detail
and provided extensive empirical evidence to sup-
port the theory. This Selected Paper-a condensed,
nontechnical version of that article-initially was
delivered as a talk at the 1965 Management Con-
ference
of the Graduate School of Business and the
Executive Program Club.