FUTURE RESEARCH DIRECTIONS
Even for the realization of a simple transaction in a market thousands of variables should met at the right moment. And even in a single stock in a small size emerging market the number average daily transaction is around four million.
Therefore, the real markets in real world are more and more complex then the overly simple artificial models of the researchers. Even the overly complex structure of the real markets, according to the widely accepted view among academics in finance, the EMH is still the most adequate hypothesis which could be empirically tested in various samples from different countries. However both the assumptions of the classic assumptions and the arguments of the EMH are not that strong as they were first introduced in 1965. Many reliable studies in literature evidenced that the markets are not that efficient and the investors are not that rational as it was assumed by the EMH. In the presence of these findings the new path for the opponents of the EMH may be the revising of its underlying assumptions and thus its main arguments especially the market efficiency.
More financial literature on Economics.Studio
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