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2.0 Introduction
In order to better understand the origin and the idea behind the Efficient Market Hypothesis (EMH), the first section deals with an overview of the EMH. Section 2 deals with the Random Walk Model which is a close counterpart of the EMH. We then have examine the different degrees of information efficiency that exist, namely the weak form efficiency, semi-strong form efficiency and the strong form efficiency. In section 4, we have a brief overview of the different types of statistical tests that have been used in the literature to examine the weak form efficiency. Section 5 explains the implications of efficient markets for investors. Section 6a€|a€|a€|a€|a€|a€|a€|a€|..

2.1 Efficient Market Hypothesis (EMH)
The concept of efficiency is one of the essential concepts in finance. Market efficiency is a term used in many different contexts with many different meanings. Market efficiency involves three related concepts- allocation efficiency, operational efficiency and informational efficiency.

* Allocation efficiency: A characteristic of an efficient market in which capital is allocated in a way that benefits all participants. It occurs when organizations in the public and private sectors can obtain funding for the projects that will be the most profitable, thereby promoting economic growth

* Operational efficiency: A marketcondition that exists when participants can execute transactions and receive services at a price that fairly equates to the actual costs required to provide them.Economists use this term to describe the way resources are employed to facilitate the operation of the market. It is usually desirable that markets carry out their operations at as low a cost as possible.

* Information efficiency: The actual market price of a share should reflect its intrinsic value. Information efficiency implies that the observed market price of a security reflect all information relevant to the pricing of the security. The investor can manage to earn merely a risk-adjusted return from his investment, as prices move instantaneously and in an unbiased manner to any news.

The efficiency in the market for financial assets and assets returns refers here to the information efficiency and should not be confused with the other types of efficiency.

As explained by Rahman and Hossain (2006):

For a stock market to be efficient, stock prices must always fully reflect all relevant and available information. This definition can be expressed as Æ¡¯(Ri,t, Rj,t a€| a€| a€| | φM t-1) = Æ¡¯( Ri,t, Rj,t a€| a€| a€| | φM t-1, φa t-1), where Æ¡¯(.) = a probability distribution function, Ri,t = the return on security i in period t, φM t-1 = the information set used by the market at t a€¡° 1, φa

t-1 = the specific information item placed in the public domain at t a€¡° 1. This equation has two important implications.

1. Specific information item at t-1 (φa t-1) cannot be used to earn non zero abnormal return.

2. When a new information item is added to the information set Ï&±¾ÂÛÎÄÓÉÓ¢ÓïÂÛÎÄÍøÌṩÕûÀí£¬ÌṩÂÛÎÄ´úд£¬Ó¢ÓïÂÛÎÄ´úд£¬´úдÂÛÎÄ£¬´úдӢÓïÂÛÎÄ£¬´úдÁôѧÉúÂÛÎÄ£¬´úдӢÎÄÂÛÎÄ£¬ÁôѧÉúÂÛÎÄ´úдÏà¹ØºËÐĹؼü´ÊËÑË÷¡£

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