Review of evidence concerning the efficiency of the world’s major stock markets

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Issue:

Business

 

Written by:

Patricia A

 

Date added:

September 14, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 892

 

Was viewed:

9740 times

 

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Essay content:

Share prices are said to follow “a random walk” (Pike and Neale 2006). Empirical studies have used serial correlation, run and filter tests to find evidence of capital markets being weak-form efficient. The evidence from Kendall’s study (1953 cited Watson and Head 2007) testing for any correlation between security price changes at different points in time (serial correlation) and other studies tend to support the random walk hypothesis...
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The evidence from Kendall’s study (1953 cited Watson and Head 2007) testing for any correlation between security price changes at different points in time (serial correlation) and other studies tend to support the random walk hypothesis. Other studies, such as Fama’s (1965) have used run tests to find a link between the direction of price changes and studying the length of the runs of successive price changes of the same sign...
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