Kian-Ping Lim
Applied Economics Letters, Taylor and Francis, 16(11), 1129- 1132
Publication year: 2009

Abstract

The literature on weak-form efficient market hypothesis (EMH) has experienced a phenomenal growth over the past few decades, with the empirical framework mostly directed towards testing the absolute version of market efficiency. Evans (2006) represents a small amount of studies that addressed the relative efficiency of financial markets. The present paper discusses the limitations of absolute market efficiency and surveys some measures proposed for assessing relative efficiency in extant literature.

Keywords

Efficient market hypothesis; Absolute efficiency; Relative efficiency