The Semi‐Strong Efficiency of the Australian Share Market

Nicolaas Groenewold and Kuay Chin Kang

The Economic Record, 1993, vol. 69, issue 4, 405-410

Abstract: This paper tests the weak and semi‐strong forms of the Efficient‐Markets Hypothesis (EMH) using data on the Australian skate market in the 1980s. The tests are based on aggregate share price indexes and the semi‐strong 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 EMH.

Date: 1993
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https://doi.org/10.1111/j.1475-4932.1993.tb02121.x

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