The Efficient Market: Rambling Evidences in Asia and Pacific
Senthilnathan, S. (2015), The Efficient Market: Rambling Evidences in Asia and Pacific, ELK Asia Pacific Journal of Marketing and Retail Management, Volume 6, Issue 2, pp. 52-76, ISSN: 0976-7193 (print), 2349-2317 (online)
21 Pages Posted: 1 Nov 2014 Last revised: 16 Apr 2015
Date Written: October 31, 2014
Abstract
Empirical evidences in the literature seem not consistent about market efficiency, even for the same market. As some studies consistently accept the existence of efficiency and some reveal rejecting the efficient market hypothesis within the same markets investigated, this paper attempts to explore the extent to which the efficient market hypothesis becomes meaningful, beyond the perspective of different empirical analyses on market efficiency. Hence, this paper explores the empirical investigations carried out in the Asia and Pacific regions, except middle-east countries, to confirm which markets in the study area are efficient. The study demonstrates that the share markets in Thailand, Singapore, Japan and New Zealand are reasonably reflecting the efficiency, not in other countries, as per the reviewed literature by this study.
Keywords: efficient market hypothesis, random walk, Asia, Pacific
JEL Classification: G14, G15
Suggested Citation: Suggested Citation