Published online by Cambridge University Press: 06 April 2009
The question of stock market efficiency has received considerable play in the financial press in recent years and understandably so. Not only is this a topic of interest to national policymakers charged with monitoring and promoting market efficiency, but answers to this question have rather important implications for the management of market participants' portfolios. Our interest in this subject focuses on a subsegment of the larger question of market efficiency, in particular on so-called technical theories of stock market behavior.