The document discusses different forms of market efficiency according to the Efficient Market Hypothesis (EMH). It defines weak, semi-strong, and strong forms of efficiency based on what information is reflected in market prices. Weak-form efficiency means prices reflect all historical price information, semi-strong means they reflect all public information, and strong form means they reflect all public and private information. The document summarizes various studies and evidence related to testing each form of efficiency through analyses of market anomalies, event studies, and performance of professional investors.

1. Part 4: Market Behavior Research

2. 1. Market Efficiency

6. Random Walk with Positive Trend Security Prices Time

9. Three Forms of Efficiency Semi-Strong Form Efficient Strong Form Efficient Weak Form Efficient

17. Figure IV.8 : Abnormal Returns Time AR Day 0 -1 +1 -2 +2 0

18. Figure IV.8 : Cumulative Abnormal Returns Time CAR Day 0 -1 +1 -2 +2 Efficient Market Inefficient Market 0

20. 4. Market Microstructure