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Market Efficiency Models and Tests

  • Sardar M. N. Islam
  • Sethapong Watanapalachaikul
Part of the Contributions to Economics book series (CE)

Abstract

Possibly the most controversial issue in finance is whether the financial market is efficient in allocating or using economic resources and information or not. Other financial theory issues such as volatility, predictability, speculation and anomalies are also related to the efficiency issue and are all interdependent (Islam and Oh 2003; Mills 1999; Cuthbertson 1996). An investigation of the Efficient Market Hypothesis (EMH) of the Thai stock market is provided in this chapter while the other related issues of finance theory and their implications for EMH are included in subsequent chapters.

Keywords

Random Walk Stock Market Stock Price Stock Return Stock Prex 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2005

Authors and Affiliations

  • Sardar M. N. Islam
    • 1
  • Sethapong Watanapalachaikul
    • 1
  1. 1.Centre for Strategic Economic StudiesVictoria UniversityMelbourne City MCAustralia

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