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Generally speaking, a test of the efficient market hypothesis consists of testing the hypothesis that markets are efficient, regardless of the model chosen for risk.
Generally speaking, a test of the efficient market hypothesis consists of testing the hypothesis that markets are efficient, regardless of the model chosen for risk. estimating time series regressions without testing any hypothesis on pricing errors. testing if expected asset returns are equal to zero. testing a joint hypothesis including 1) that markets are efficient, and 2) that the model chosen for risk is correct
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