Oxelheim, Lars; Rafferty, Michael - Institutet för Näringslivsforskning (IFN) - 2004
The major strand of finance literature understands market efficiency through the market’s ability to process …, deploying the second definition, suggests a concept of static efficiency, and claims this can also be seen as a measure of … market quality. The paper develops a measure of qualitative static efficiency for bond markets built on four indicators …