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Testing the efficient market hypothesis using panel data, with application to the Athens stock market

E. Dockery and Manolis Kavussanos ()

Applied Economics Letters, 1996, vol. 3, issue 2, 121-123

Abstract: This paper performs unit root tests using panel data to investigate empirically stock price efficiency of the Athens stock market. Our Wald test statistics reject the random walk hypothesis for stock prices, which is a necessary condition for market efficiency.

Date: 1996
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DOI: 10.1080/135048596356834

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Handle: RePEc:taf:apeclt:v:3:y:1996:i:2:p:121-123