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August 9, 2026Iconic Research and Engineering Journals

A Comparative Study on Efficient Market Hypothesis and Adaptive Market Hypothesis in Indian Stock Market

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Authors

SDShilpa Shekhargouda DadmiVMV Maruthi

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Overview

Comparative study evaluates market efficiency in Indian stock market, highlighting dynamic investor behavior.

Key Points

  • The study compares the Efficient Market Hypothesis and the Adaptive Market Hypothesis in the context of the Indian stock market.
  • Quantitative analysis using secondary data from the National Stock Exchange (NSE) from April 2011 to March 2026.
  • Statistical tests include Runs Test, Autocorrelation Test, Variance Ratio Test, and rolling window test.
  • Runs Test and Autocorrelation Test indicate some serial dependency and inefficiencies in the market.
  • Variance Ratio Test suggests a random walk in stock prices throughout the study period.
  • Rolling window test demonstrates that market efficiency varies with changing economic conditions.

Cite This Study

Dadmi et al. (2026) studied this question.

synapsesocial.com/papers/6a782d862e1896536c840c2ahttps://doi.org/10.64388/irev10i2-1722151
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