The Efficient Market Hypothesis and the Fractal Market Hypothesis: Interfluves, Fusions, and Evolutions

Guang Liu, Chih-Ping Yu, Shan-Neng Shiu and I-Tung Shih

SAGE Open, 2022, vol. 12, issue 1, 21582440221082137

Abstract: The fractal market hypothesis (FMH) is one of the frontier theories of emerging finance and nonlinear science. The relationship between the FMH and the efficient market hypothesis (EMH) is easy to be confused, and its guiding role in investment practice needs to be clarified. For this reason, the theoretical origin, evolution, and cross-integration of EMH and FMH were expounded in this study using the phylogenetic method. The basic work illustrated in this study could help promote the integration and development of securities investment frontier theories using a more unified analysis framework and could guide investment practice at a higher level.

Keywords: efficient market hypothesis (EMH); fractal market hypothesis (FMH); nonlinear science; securities investment (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:12:y:2022:i:1:p:21582440221082137

DOI: 10.1177/21582440221082137

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