Further Results on the Efficiency of Markets for Foreign Exchange

@inproceedings{Levich1978FurtherRO,
  title={Further Results on the Efficiency of Markets for Foreign Exchange},
  author={Richard M. Levich},
  year={1978}
}
s from these conditions cannot be the basis of a test of market efficiency, although it may be helpful for descriptive or forecasting purposes. The second popular technique for testing spot market efficiency has relied on the profitability of simple filter rule trading strategies.7 Some results indicate that small filters would have been profitable for some currencies during the floating rate period. However, there are many factors which cast doubt on the interpretation of these results. First… CONTINUE READING

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