Inoue, Takeshi; Hamori, Shigeyuki - In: Economics Bulletin 31 (2011) 3, pp. 2725-2735
This paper empirically analyzes the market efficiency of microfinance investment funds. For the empirical analysis, we … use an index of the microfinance investment funds and apply two kinds of variance ratio tests to examine whether or not … follow a random walk, suggesting that the market of the microfinance investment funds is not efficient. This result is not …