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In addition to this Auto-correlation test have been applied to see that there is weak form efficiency in these markets or not. Results found reject the null hypothesis for weak form efficiency for all the markets and also confirms that no sample market prices follow the random walk model.

As the historical prices are explaining the future prices which helps the people in the business to take timely decisions and get benefits from their investments. The investors in such a market can get the benefits from the mispricing and earn abnormal profits. Priyanka Raipancholia.

Hector David. The concept of efficiency is central to finance. For many years, academics and economics have studied the concept of efficiency applied to capital markets, efficient market hypothesis EMH being a major research area in the specialized literature. There are many opposite views regarding the EMH, some of them rejecting it, other supporting it. But how it all started and the way studies evolved during the last decade is very important. This survey examines the growing body of empirical research on efficient market hypothesis.