This study investigates the time evolution of market efficiency in the Japanese stock markets, considering three indices: Tokyo Stock Price Index (TOPIX), Tokyo Stock Exchange Second Section Index, and TOPIX-Small. The Hurst exponent reveals that the Japanese markets are inefficient in their...

"The Alchemy of Finance", a book written by George Soros (1987) on the workings of financial markets, "has found a place in the reading lists of business schools as distinct from economics departments", according to the author (2003, 4). His theory of reflexivity, which is at the center of the...