Research on the Efficient Market Hypothesis: A Review

Abstract

A periodic review of research done in any field is of significance for research and policy makers. While researchers can use the review to identify research gaps and gather reference bibliographic material; decision makers and policy makers can recommend the path to developments and make use of research findings to support their decisions or policies suitably. This paper is an attempt to review the theoretical and empirical literature on the efficient market model as has evolved. The study will provide a comprehensive commentary on the nature of research done on the stock market efficiency, with particular reference to India, in recent years and findings thereof.