Though the efficient market and random walk are closely related to each other, the gaining of risk free return (the result of risk free price change) indicated in efficient market needs to be compromised with random walk. Ohlson (1995) demonstrates the price change model, which illustrates that...

Empirical evidences in the literature seem not consistent about market efficiency, even for the same market. As some studies consistently accept the existence of efficiency and some reveal rejecting the efficient market hypothesis within the same markets investigated, this paper attempts to...