Efficient market hypothesis and forecasting

EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*

Malkiel, B. G., & Fama, E. F. (1970) · The Journal of Finance · doi:10.1111/j.1540-6261.1970.tb00518.x · Cited by 24,478

Efficient capital markets: A review of theory and empirical work

Fama, E. F. (1970) · The Journal of Finance · doi:10.2307/2325486 · Cited by 13,635

Comparing Predictive Accuracy

Diebold, F. X., & Mariano, R. S. (1994) · National Bureau of Economic Research · doi:10.3386/t0169 · Cited by 5,498

Efficient capital-markets II

FAMA, E. F. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb04636.x · Cited by 5,350

Martingales and arbitrage in multiperiod securities markets

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Estimating Time Varying Risk Premia in the Term Structure: The Arch-M Model

Engle, R. F., Lilien, D. M., & Robins, R. P. (1987) · Econometrica · doi:10.2307/1913242 · Cited by 2,469

Comparing Predictive Accuracy

Diebold, F. X., & Mariano, R. S. (1995) · Journal of Business and Economic Statistics · doi:10.2307/1392185 · Cited by 2,340

Simple technical trading rules and the stochastic properties of stock returns

BROCK, W., LAKONISHOK, J., & LeBARON, B. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04681.x · Cited by 2,301

Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns

Hansen, L. P., & Singleton, K. J. (1983) · Journal of Political Economy · doi:10.1086/261141 · Cited by 1,594

Some anomalous evidence regarding market efficiency

Jensen, M. C. (1978) · Journal of Financial Economics · doi:10.1016/0304-405x(78)90025-9 · Cited by 1,447

Improving the performance of intelligent stock trading systems by using a high level representation for the inputs

Azimifar, M., Araabi, B. N., & Moradi, H. (2015) · International Conference on Signal Processing and Intelligent Systems (ICSPIS) · doi:10.1109/spis.2015.7422304 · Cited by 2

Temporary price trends in the stock market with rational agents

Ichkitidze, Y. R. (2017) · The Quarterly Review of Economics and Finance · doi:10.1016/j.qref.2017.11.014 · Cited by 2

Return Autocorrelations and Volatilities of Kuala Lumpur Shariah Compliance that Coincide with Big News in Malaysia

Malini, H. (2021) · Management and Sustainable Development Journal · doi:10.46229/msdj.v3i1.203 · Cited by 2

GMDH-Type Neural Networks for Predicting Financial Time Series: A Study of Informational Efficiency of Stock Markets

Ciemny, M., & Selitskiy, S. (2021) · Lecture notes in networks and systems · doi:10.1007/978-3-030-92604-5_13 · Cited by 2

A Hybrid Approach on Conditional GAN for Portfolio Analysis

Lu, J. F., & Ding, D. (2022) · Lecture notes in networks and systems · doi:10.1007/978-981-19-5845-8_61 · Cited by 2

The conditional impact of market conditions, volatility and liquidity shocks on the arbitrage opportunities during pre‐COVID and COVID periods

Lakshmi, V., Sisodia, G., Joseph, A., & Tiwari, A. K. (2023) · International Journal of Finance & Economics · doi:10.1002/ijfe.2818 · Cited by 2

Value investing: a new SCORE model

Navas, R. D., & Bentes, S. R. (2023) · Review of Business Management · doi:10.7819/rbgn.v25i2.4224 · Cited by 2

Predicting the Direction of Stock Price Movement with Machine Learning Algorithms

Yang, M. (2023) · Advances in Economics Management and Political Sciences · doi:10.54254/2754-1169/52/20230758 · Cited by 2

Prediction of USD/JPY Exchange Rate Time Series Directional Status by KNN with Dynamic Time Warping AS Distance Function

Kia, A. (2013) · Cited by 2

Modeling Long-Term Relationships in Philippine Stock Market (PSE) Indices: A Cointegration Analysis

Sucuahi, W. T., & Bije, E. M. (2020) · Asian Economic and Financial Review · doi:10.18488/journal.aefr.2020.109.989.998 · Cited by 2

Analysis of Indonesian Capital Market Reaction to the Covid-19

Yulianti, E. B., & Siregar, I. W. (2020) · International Conference on Environmental and Technology of Law, Business and Education on Post Covid 19 (ICETLAWBE) · doi:10.4108/eai.26-9-2020.2302740 · Cited by 2

ÍNDICE DE SENTIMENTO DO INVESTIDOR NO MERCADO DE AÇÕES BRASILEIRO

Nogueira, B. T. B., Avelino, B. C., Colares, A. C. V., & dos Reis, D. E. A. (2021) · RC&C Revista de Contabilidade e Controladoria · doi:10.5380/rcc.v12i3.71338 · Cited by 2

Podatność rynków giełdowych krajów Grupy Wyszehradzkiej na niestabilności wewnętrzne i zewnętrzne

Grabowski, W. (2021) · Wydawnictwo Uniwersytetu Łódzkiego eBooks · doi:10.18778/8220-395-0 · Cited by 2

Assessing Market Efficiency for Reliance on the Fraud-on-the Market Doctrine After Wal-Mart and AmgenPreprint

Bajaj, M., Mazumdar, S. C., & McLaughlin, D. A. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2302734 · Cited by 2

Assessment of financial risk in renewable biodiesel firms

Vahlström, T., & Cavka, A. (2015) · KTH Publication Database DiVA (KTH Royal Institute of Technology) · Cited by 2

Ambiguity, no Arbitrage, and the Limits to Rational ExpectationsPreprint

Adriaens, H., Donkers, B., & Melenberg, B. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1102337 · Cited by 2

Partial Moment MomentumPreprint

Gao, Y., Leung, H., & Satchell, S. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3019861 · Cited by 3

Cascading Logistic Regression Onto Gradient Boosted Decision Trees to Predict Stock Market Changes Using Technical AnalysisPreprint

Zhou, F., Qun, Z., Sornette, D., & Jiang, L. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3218941 · Cited by 2

Model Combination and Stock Return PredictabilityPreprint

Hagmann, M., & Loebb, J. (2006) · SSRN Electronic Journal · doi:10.2139/ssrn.897810 · Cited by 2

Enhancing Stock Market Forecasting Using Recursive Time Series Decomposition Techniques

Bareket, A., & Pârv, B. (2023) · Journal of Machine Intelligence and Data Science · doi:10.11159/jmids.2023.06 · Cited by 1

Predicting Stock Prices Based on Machine Learning to Build Self-adaptive Trading Strategy

Wang, Y., Huang, P., & Luo, J. (2025) · Computational Economics · doi:10.1007/s10614-025-11054-4 · Cited by 2

Are acquirer stock price reactions to M&A announcements in any way predictable? A machine-learning analysis

Neto, J. Q. F., Bozos, K., Dutordoir, M., & Nikolopoulos, K. I. (2025) · Journal of the Operational Research Society · doi:10.1080/01605682.2025.2562956 · Cited by 1

Stock Return Prediction on the LQ45 Market Index in the Indonesia Stock Exchange Using a Machine Learning Algorithm Based on Technical Indicators

Indra, Supian, S., Sukono, Riaman, R., Saputra, M. P. A., Azahra, A. S., & Pirdaus, D. I. (2025) · Journal of risk and financial management · doi:10.3390/jrfm18120714 · Cited by 12

Hybrid Sentiment Analysis in Financial Markets: Multi-Stage LLM Integration for Market-Neutral Alpha Generation

Stübinger, J., & Wöhner, L. (2026) · AI · doi:10.3390/ai7040138 · Cited by 1

Intelligent forecasting in emerging markets: A comparison of AI, linear, and hybrid forecasting models at Pakistan Stock Exchange

Rehman, M. S. U., & Gul, F. (2026) · Future Business Journal · doi:10.1186/s43093-026-00812-x · Cited by 1

Machine learning models and ensemble methods for stock index return forecasting

Bielskis, A., & Belovas, I. (2026) · Networks and Heterogeneous Media · doi:10.3934/nhm.2026035 · Cited by 1

The Effect of Automation on Trading Volumes of Listed Companies at the Nairobi Securities Exchange, Kenya

Simiyu, R. S., Osero, S. M., & Odoyo, F. S. (2014) · Research Journal of Finance and Accounting · Cited by 1

AN ANALYSIS OF WEAK-FORM EFFICIENCY ON THE BUCHAREST STOCK EXCHANGE

Ramona, F. (2011) · Annals of University of Craiova - Economic Sciences Series · Cited by 1

Do Dynamic Neural Networks Stand a Better Chance in Fractionally Integrated Process Forecasting

Delavari, M., Alikhani, N. G., & Naderi, E. (2012) · International Journal of Economics and Financial Issues · Cited by 1

Testing The Efficient Market Hypothesis On The Romanian Capital Market

Armeanu, D., & Cioacã, S.-I. (2014) · RePEc: Research Papers in Economics · Cited by 1

Value of Hedge and Expected Returns

Ma, J., Tang, M., & Wang, Y. (2015) · Applied Economics · doi:10.1080/00036846.2016.1139675 · Cited by 1

A Competitive Approach to Financial Issues

Okur, M., & Gürbüz, A. O. (2014) · IGI Global eBooks · doi:10.4018/978-1-4666-6268-1.ch019 · Cited by 1

Behavioral Finance in Theory and Practice

Okur, M., & Gürbüz, A. O. (2013) · Advances in finance, accounting, and economics book series · doi:10.4018/978-1-4666-4635-3.ch017 · Cited by 1

Infrastructure quality, firm characteristics and foreign ownership in Africa: Evidence from firm level manufacturing data

Moyo, B., & Makoni, P. L. (2011) · Corporate Ownership and Control · doi:10.22495/cocv9i1c6art7 · Cited by 1

Forecasting: Accuracy and Evaluation

Dhrymes, P. J. (2017) · Springer eBooks · doi:10.1007/978-3-319-65916-9_8 · Cited by 1

Market Reaction to Indonesia Golden Ring Award

Soejono, F. (2017) · Jurnal Dinamika Manajemen · doi:10.15294/jdm.v8i2.12763 · Cited by 1

Finansų rinkų dalyvių iracionalumu paremta taktinė turto alokacija

Macijauskas, L. (2015) · doi:10.20334/2351-m · Cited by 1

A Standardized, and Extensible Framework for Comparative Analysis of Quantitative Finance Algorithms - An Open-Source Solution, and Examples of Baseline Experiments with Discussion

Macindoe, A., & Arandjelović, O. (2018) · IEEE International Conference on Big Knowledge (ICBK) · doi:10.1109/icbk.2018.00061 · Cited by 1

ROLE OF HURST EXPONENT IN PREDICTION OF MARKET EFFICIENCY IN KSE-100 INDEX

Ijaz, S. T. (2011) · IBT Journal of Business Studies · doi:10.46745/ilma.jbs.2015.11.02.04 · Cited by 1

Super Learner for Predicting Stock Market Trends: A Case Study of Jakarta Islamic Index Stock Exchange

Dito, G. A., Sartono, B., & Annisa, A. (2020) · International Conference on Statistics and Analytics (ICSA) · doi:10.4108/eai.2-8-2019.2290523 · Cited by 1

Efficient Market Hypothesis for Islamic Capital Markets

Altın, H. (2019) · Advances in finance, accounting, and economics book series · doi:10.4018/978-1-7998-0218-1.ch027 · Cited by 1

Spillover effects in the financial year cycle for Indian markets

Bhatia, P. (2020) · Asian Journal of Accounting Research · doi:10.1108/ajar-03-2020-0019 · Cited by 1

A Collaborative Trading Model by Support Vector Regression and TS Fuzzy Rule for Daily Stock Turning Points Detection

(2011) · ASME Press eBooks · doi:10.1115/1.859735.paper29 · Cited by 1

Financial forecasting and trading strategies: a survey

Stasinakis, C., & Sermpinis, G. (2014) · Routledge eBooks · doi:10.4324/9780203084984-13 · Cited by 1

Behavioral Finance in Theory and Practice

Okur, M., & Gürbüz, A. O. (2014) · IGI Global eBooks · doi:10.4018/978-1-4666-6268-1.ch016 · Cited by 1

Forecasting Analytics

Nikolopoulos, K. I., & Thomakos, D. D. (2019) · International series in management science/operations research/International series in operations research & management science · doi:10.1007/978-3-319-68837-4_12 · Cited by 1

Predicting Chinese Stock Market with Internet Key Word Hotness by Statistical Time Series Regression Analysis

Wang, Q. (2021) · International Conference on Computer, Blockchain and Financial Development (CBFD) · doi:10.1109/cbfd52659.2021.00064 · Cited by 1

High Frequency Forecasting on Stock Market using Machine Learning

Khot, A., Bhat, R., Urunkar, A. A., & Mudegol, N. L. (2022) · International Conference for Emerging Technology (INCET) · doi:10.1109/incet54531.2022.9824109 · Cited by 1

Aprendizado de Máquina para a Previsão do Comportamento de Preços da Criptomoeda Ethereum

da Silva, L. P. L., da Silva, L. A., Neto, J. M. F., & de Souza, G. B. C. (2022) · Revista de Engenharia e Pesquisa Aplicada · doi:10.25286/repa.v7i3.2445 · Cited by 1

Predicting Long-Run and Short-Run Movement of Sectoral Index: Evidence From Philippine Stock Market

Sucuahi, W. T. (2023) · International Journal of Financial Research · doi:10.5430/ijfr.v14n2p18 · Cited by 1

Impact of the Covid-19 pandemic on the choice of investment strategies and investors’ behavior on the Warsaw Stock Exchange – 2017-2020 research findings

(2024) · Scientific Papers of Silesian University of Technology Organization and Management Series · doi:10.29119/1641-3466.2024.191.14 · Cited by 1

Rational Investors or Rational Expectations in Efficient Market Hypothesis?

Mikołajek-Gocejna, M., & Urbaś, T. (2023) · International Journal of Finance Insurance and Risk Management · doi:10.35808/ijfirm/360 · Cited by 1

Multibenchmark reality checks

Arbués, I., & Matilla‐García, M. (2024) · Economic Modelling · doi:10.1016/j.econmod.2024.106848 · Cited by 1

Return trajectory and the forecastability of bitcoin returns

Rudkin, S., Rudkin, W., & Dłotko, P. (2024) · Financial Review · doi:10.1111/fire.12420 · Cited by 1

Rethinking currency factors: The case for mean-variance optimisation

Fan, M., Kearney, F., Li, Y., & Liu, J. (2026) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2026.103636 · Cited by 1

Przewidywalność stóp zwrotu z akcji : wyniki dla USA i Polski

Fijałkowska, J. (2012) · Bank i Kredyt · Cited by 1

SOME TECHNICAL ANALYSIS INDICATORS

Moroșan, A. (2009) · RePEc: Research Papers in Economics · Cited by 1

Efficiency in emerging markets: Applying the automatic variance ratio test

Cavalheiro, E. A., Vieira, K. M., & Ceretta, P. S. (2012) · Corporate Ownership and Control · doi:10.22495/cocv9i2c2art5 · Cited by 1

Forecasting Stock Returns Based on a Time-Varying Factor Weighted Density Model

Gu, W., Yang, Y., & Liu, Z. (2018) · Journal of Advanced Computational Intelligence and Intelligent Informatics · doi:10.20965/jaciii.2018.p0831 · Cited by 1

Determinants of Changes in Stock Market Prices Based on Companies in the WIG-INFO Index

Paździor, A., & Paździor, M. (2018) · Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu · doi:10.26349/zn.wsb.w.poznaniu.0079.10 · Cited by 1

INVESTMENTS IN COMPANIES WITH NEGATIVE EQUITY: THE RETURN IS WORTH THE RISK?

Cescon, J. A., Décourt, R. F., & Costa, L. D. A. (2021) · Revista Gestão Organizacional · doi:10.22277/rgo.v14i2.5637 · Cited by 1

A Time-Series Bootstrapping Simulation Method to Distinguish Sell-Side Analysts’ Skill from Luck

Su, C., & Zhang, H. (2020) · WORLD SCIENTIFIC eBooks · doi:10.1142/9789811202391_0055 · Cited by 1

Twitter’s effect on share price movements of the Johannesburg Stock Exchange

Gussenhoven, C. J. (2013) · UpSpace Institutional Repository (University of Pretoria) · Cited by 1

Putting a Price on Carbon Econometric Essays on the European Union Emissions Trading Scheme and its Impacts

Aatola, P. (2013) · Työväentutkimus Vuosikirja · Cited by 1

The Fundamental Theorem of Asset Pricing for Liquid Financial MarketsPreprint

Frahm, G. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2409201 · Cited by 1

Market Indices: Bases, Biases and Beyond

Corbatón, J. A. (2010) · Cited by 1

Informational Efficiency in Futures Markets for Crude OilPreprint

Fritz, A., & Weber, C. D. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.1783532 · Cited by 1

Pricing and Valuation under the Real-World MeasurePreprint

Frahm, G. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2536430 · Cited by 1

Financial Time Series Forecasting by Developing a Hybrid Intelligent System

Abounoori, A. A., Naderi, E., Alikhani, N. G., & Amiri, A. (2013) · Munich Personal RePEc Archive (Ludwig Maximilian University of Munich) · Cited by 1

The forecastability of equity market returns: an empirical investigation of Chinese equity markets

Hong, H. (2014) · University of Limerick Institutional Repository (University of Limerick) · doi:10.34961/83 · Cited by 1

Applications of hybrid neural networks and genetic programming in financial forecasting

Stasinakis, C. (2013) · Enlighten: Theses (The University of Glasgow) · Cited by 1

RE-CONSIDERING THE NECESSARY CONDITION FOR FUTURES MARKET EFFICIENCY: AN APPLICATION TO DAIRY FUTURESPreprint

Sanders, D. R., & Manfredo, M. R. (2004) · RePEc: Research Papers in Economics · doi:10.22004/ag.econ.19025 · Cited by 1

The nexus between stock market performance and gold price: The case of Hang Seng index

Tan, K. L., Kang, C. K., Koh, W. H., Lau, H. Y., & Ng, C. Y. (2014) · Cited by 1

Study Of A Bvar(P) Process Applied To U.S. Commodity Market Data

Šindelář, J. (2009) · Zenodo (CERN European Organization for Nuclear Research) · doi:10.5281/zenodo.1055255 · Cited by 1

Relationship between Macroeconomic Variables and Stock Market Development Evidences from the Indian Economy

Joshi, P. (2015) · University · Cited by 1

Technical Analysis, Liquidity, and Price DiscoveryPreprint

Fritz, F., & Weinhardt, C. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2788997 · Cited by 1

Quantitative analysis of the dry bulk freight market, including forecasting and decision making

Τσιούμας, Ε. (2016) · Dione (University of Piraeus) · Cited by 1

A Simple, Accurate Method for Long-Term Equity Market Return PredictionPreprint

Rietveld, A. W. M. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3298471 · Cited by 1

International Conditional Asset Allocation Under Real Time UncertaintyPreprint

Barras, L. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.675586 · Cited by 1

GMDH-type Neural Networks for Predicting Financial Time Series: A Study of Informational Efficiency of Stock MarketsPreprint

Jakaite, L., Ciemny, M., Selitskiy, S., & Schetinin, V. (2021) · Research Square · doi:10.21203/rs.3.rs-1017105/v1 · Cited by 1

A Hybrid Approach on Conditional GAN for Portfolio AnalysisPreprint

Lu, J., & Ding, D. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4192275 · Cited by 1

Quantum-enhanced Versus Classical Support Vector Machine: An Application to Stock Index ForecastingPreprint

Mercadier, M. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4630419 · Cited by 2

LIQUIDITY AND INFORMATIONAL INEFFICIENCY. THE CASE OF ROMANIA

Cioacã, S.-I. (2015) · RePEc: Research Papers in Economics

Distribution of Volume on the American Stock Market

Gurgul, H., Mestel, R., & Wójtowicz, T. (2007) · Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)

Towards Automated Share Investment System

Ruta, D. (2007) · Studies in computational intelligence · doi:10.1007/978-3-540-36247-0_5

An Explanation for Persistence in Share Prices and their Associated Returns

Bond, D., & Dyson, K. A. (2011) · Palgrave Macmillan UK eBooks · doi:10.1057/9780230295216_6

Criação de valor em fusões e aquisições: a influência do sentimento de mercado

Nardi, R. Y. S. (2012) · doi:10.11606/d.12.2012.tde-14122012-173144

Asimmetria del rischio sistematico dei titoli immobiliari americani: nuove evidenze econometriche

Santis, P. D., & Drago, C. (2014) · Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)

On Models for Portfolio Selection with Short-Term ForecastingPreprint

Dokuchaev, N. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2140669

Fundamental momentum as an investment timing indicator for value portfolios

Yates, M. (2013) · UpSpace Institutional Repository (University of Pretoria)

Technical Analysis in the Stock Markets of Pakistan: A Case of Commercial Banks

Ahmad, M., & Ali, S. B. (2008) · Munich Personal RePEc Archive (Ludwig Maximilian University of Munich)

Dispersal of information into share markets : a stochastic model simulation

Tolsma, M. (2012)

Forecasting Exchange Rates with Fuzzy Granular Evolving Modeling for Trading Strategies

Maciel, L., Gomide, F. A. C., & Ballini, R. (2013) · European Society for Fuzzy Logic and Technology Conference · doi:10.2991/eusflat.2013.40

Could the Virtual be Similar to the Real? A First Look from an Efficient Markets Perspective

Yang, R. (2013) · Quarterly Journal of Finance · doi:10.1142/s2010139213500195

Stochastic models for asset and liability modelling in South Africa or elsewhere

Maitland, A. (2011) · University of the Witwatersrand, Johannesburg Institutional Repository on DSpace (University of the Witwatersrand, Johannesburg)

Re-examination of Risk and Return: New Evidence from the Emerging and Transforming Stock Market of China

Jiang, J., & Zhang, J. (2008) · doi:10.1109/csse.2008.348

FORECAST ENCOMPASSING AND FUTURES MARKET EFFICIENCY: THE CASE OF MILK FUTURESPreprint

Manfredo, M. R., & Sanders, D. R. (2004) · RePEc: Research Papers in Economics · doi:10.22004/ag.econ.20267

FACULDADE DE ECONOMIA, ADMINISTRAÇÃO E CONTABILIDADE DEPARTAMENTO DE ADMINISTRAÇÃO PROGRAMA DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO

Paulo, S. (2009)

Impact of the crises on the efficiency of the financial market: evidence from the SDM

Fakhry, B. (2015) · University of Bedfordshire Repository (University of Bedfordshire)

PREDICTING FUTURE STOCK RETURNS AT SHORT AND LONG HORIZONS

Ekundayo, S. O. (2015)

Abstract Efficient market hypothesis and forecasting

Timmermann, A., & Granger, C. W. J. (2008)

Predictive Patterns and Market Efficiency: A Deep Learning Approach to Financial Time Series Forecasting

Vukovic, D. B., Radenković, S. D., Simeunović, I., Zinovev, V., & Radovanovic, M. M. (2024) · Mathematics · doi:10.3390/math12193066 · Cited by 16

A note on tests of efficient market hypotheses: The case of the forward exchange rate

Zietz, J. (1995) · Atlantic Economic Journal · doi:10.1007/bf02298767 · Cited by 1

Tests of the Efficient Markets Hypothesis

Reschenhofer, E., & Hauser, M. A. (2016) · Austrian Journal of Statistics · doi:10.17713/ajs.v26i1.541

An Assessment of Forecasting Accuracy and Market Efficiency in the International

Market, M., & Levich, R. M. (2015)