Question
Which of the following tests/studies are related to testing of the weak form stock market efficiency? (A) Event studies (B) Size effect (C) Runs test (D) Price-Earnings (P/E) ratios (E) Autocorrelation tests Choose the most appropriate answer from the options given below:
The correct answer is
(C) and (E) only
Weak-form efficiency concerns whether past price or return information predicts future returns. Runs tests examine sequences of price changes, and autocorrelation tests measure serial dependence. Thus C and E are the appropriate tests; event studies chiefly test semi-strong efficiency.
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