Kian-Ping Lim and Robert D. Brooks
Applied Economics Letters, Taylor and Francis, 16(6), 649-652
Publication year: 2009

Abstract

Given the growing empirical evidence that returns predictability follows an evolutionary path, it calls into question not only the usefulness of conventional statistical tests of market efficiency as highlighted by Saadi et al. (2006), but also the adequacy of the efficient markets hypothesis to explain observed market dynamics.

Keywords

Efficient market hypothesis; Adaptive market hypothesis; Return predictability; Stock market