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A NOTE ON SOME ‘WEAK FORM’ TESTS OF CAPITAL MARKET EFFICIENCY IN NEW ZEALAND *
Author(s) -
Emanuel David M.
Publication year - 1979
Publication title -
accounting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.645
H-Index - 49
eISSN - 1467-629X
pISSN - 0810-5391
DOI - 10.1111/j.1467-629x.1979.tb00007.x
Subject(s) - market efficiency , efficient market hypothesis , stock market , capital market , econometrics , economics , stock (firearms) , test (biology) , financial economics , geography , engineering , finance , geology , mechanical engineering , paleontology , context (archaeology) , archaeology
This paper reports the results of some experiments designed to test the ‘weak form’ efficiency of the New Zealand Stock Market The experiments were tests of serial correlation for various lags, and runs tests. The evidence suggests that the New Zealand market, at least as reflected in those securities tested, is essentially weak‐form efficient