He holds a PhD degree from Monash University, with his thesis explores empirical issues related to the informational efficiency of stock markets. Chapter 2 of his thesis, published in Journal of Economic Surveys, summarizes the past, present and future of the return predictability literature, including his own contributions to the field. More specifically, his decade-long research on market efficiency addresses the possible existence of nonlinear return predictability, and advocates the use of research framework that is capable of measuring the degree of market efficiency across stocks/markets and over time. Theoretically, the relative and evolving market efficiency are grounded on the adaptive markets hypothesis (AMH), a new framework that offers reconciliation between the competing camps of efficient markets hypothesis and behavioral finance.
KP’s long-term research on stock markets has produced publications in Applied Economics (Taylor & Francis), Economic Modelling (Elsevier), Economics Letters (Elsevier), Journal of Economic Surveys (Wiley-Blackwell), Journal of Emerging Market Finance (Saga), Journal of Empirical Finance (Elsevier), Journal of International Financial Markets, Institutions & Money (Elsevier), Journal of Policy Modeling (Elsevier), International Review of Financial Analysis (Elsevier), Macroeconomic Dynamics (Cambridge University Press), Manchester School (Wiley-Blackwell), and North American Journal of Economics & Finance (Elsevier).