This study aims to test the adaptive market hypothesis by using myopic behavior of investors as a new proxy. The data have been taken from New York Stock Exchange December 1994 2020. Following this collection data, companies’ stock prices were distributed into six different portfolios based on size, investment, book-to-market value, and operating profit. Ordinal logistic regression was used cal...

Challenging the Efficient Market Hypothesis (EMH) has been a recurrent topic for researchers and practitioners since its formulation. Hundreds of empirical studies claim to either prove or disprove EMH by means number heterogeneous methods. Even though is usually adjusted measure risk, there lack formal analysis within multiple-criteria context. In this paper, we propose extension that accommod...