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Economics Research International
Volume 2013 (2013), Article ID 238253, 11 pages
http://dx.doi.org/10.1155/2013/238253
Research Article

Evidence on the Efficient Market Hypothesis from 44 Global Financial Market Indexes

1Department of Business Administration, College of Business, Pacific University, Forest Grove, OR 97116, USA
2Department of Finance, Alfred Lerner College of Business & Economics, University of Delaware, Newark, DE 19716, USA
3Department of Economics, Alfred Lerner College of Business & Economics, University of Delaware, Newark, DE 19716, USA

Received 5 July 2013; Revised 3 September 2013; Accepted 12 September 2013

Academic Editor: Thanasis Stengos

Copyright © 2013 Huijian Dong et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Supplementary Material

Supplementary material contains information of the results of cointegration tests of the open and close levels in the global equity markets, the results of unit root tests of the global equity market series, and the open and close orders of global equity markets. The unit root test uses two methods: the Augmented Dickey-Fuller test and the Elliott-Rothenberg-Stock DF-GLS test. The cointegration test follows the results of the unit root tests and for the pairwise cointegration test and the procedure is described in the third section of the article.

  1. Supplementary Material