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Kim, J.H. and Shamsuddin, A. (2008) Are Asian Stock Markets Efficient? Evidence from New Multiple Variance Ratio Tests. Journal of Empirical Finance, 15, 518-532.
https://doi.org/10.1016/j.jempfin.2007.07.001

has been cited by the following article:

• TITLE: Analysis and Tests on Weak-Form Efficiency of the EU Carbon Emission Trading Market

  AUTHORS: Xing Yang, Hanfeng Liao, Xiaoying Feng, Xingcai Yao

  KEYWORDS: Carbon Emission Market, Weak-Form Efficiency, Variance Ratio Tests

  JOURNAL NAME: Low Carbon Economy, Vol.9 No.1, March 7, 2018

  ABSTRACT: This study separately applies Lo MacKinlay traditional variance ratio test, Wright non-parametric test, Chow Denning multiple variance ratio test and Joint Wright multiple variance ratio test to analyze and test the features of the EU carbon emission market and the results show that: in the 12-year development of the EU carbon emission trading, only the rate of return in the second stage follows the Martingale Process, showing a weak-form efficient market, while the first and third stages fail to possess features of an efficient market.