This paper reports the results of various tests of the efficient markets hypothesis (EMH) using daily observations on the Statex Actuaries' Price Index for Australia and the NZSE-40 Index for New Zealand for the period 1975-92. The weak form of the EMH is examined by testing the log of the price...

We examine the relationship between financial system reform and growth using data for China, which has undergone extensive financial liberalization since 1978. We construct an index of financial liberalization by combining the "Delphi method" and principal components analysis to combine eight...

A negative relationship between stock returns and (expected) inflation is frequently observed in empirical work and is considered a puzzle since it is expected that stocks are a good hedge against inflation, so that their real rate of return (actual or expected) ought to be unaffected by changes...