Abstract
Market efficiency is one of the most fundamental research topics in both economics and finance. Since (Fama, Journal of Finance 25(2): 383–417, 1970) formally introduced the concept of market efficiency, studies have been developed at length to examine issues regarding the efficiency of various financial markets. In this chapter, we review elements, which are at the heart of market efficiency literature: the statistical efficiency market models, joint hypothesis testing problem, and three categories of testing literature.
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Lo, M. (2022). Market Efficiency Hypothesis. In: Lee, CF., Lee, A.C. (eds) Encyclopedia of Finance. Springer, Cham. https://doi.org/10.1007/978-3-030-91231-4_30
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