The Semi-strong Efficiency of the Australian Share Market
This paper tests the weak and semistrong forms of the efficient-markets hypothesis using data on the Australian share market in the 1980s. The tests are based on aggregate share price indexes and the semistrong efficiency tests use macroeconomic data. The weak-form tests examine the autocorrelation structure of share returns and test for unit roots in share prices. The data are found to be consistent with the efficient-markets hypothesis. Copyright 1993 by The Economic Society of Australia.
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Volume (Year): 69 (1993)
Issue (Month): 207 (December)
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