This study examines the return behavior of 15 emerging equity markets for persistent deviations from the fundamental value hypothesis. The duration dependence test shows that rational expectations bubble do not cause deviations from fundamental value in any of the markets. Markov chain test...

The fact that stock market is unpredictable does not deter investors, pundits, and academicians from speculating about the next market move. This paper uses multiple benchmarks to judge the current level of the stock market. Among those benchmarks are bonds; commodities; REITs; international...