Tests of serial correlation, and runs tests, are applied to net profit after tax, return on shareholders' funds, and earnings per share time series of 42 New Zealand listed public companies. The results are consistent with a “random walk†interpretation, and hence consistent with...

We examine the reaction of world equity markets to the 1997 Asian Crisis. Correlations across the markets increased dramatically during the economic crisis but only during a relatively short period around the crisis. After the crisis, the benefits of international diversification improved...

The efficient market hypothesis is an elegant economic concept which has been extensively researched. The results of the research are broadly supportive of the concept for developed and competitive securities markets. Yet many, perhaps even most corporate executives and investors have serious...