This paper examines the efficiency of Indian Stock Markets (NSE) during time COVID. It demonstrates impact on market announcement two major events that is declaration COVID as a Public Health Emergency Of International Concern (PHEIC) 30th January 2019 and day when Prime Minister Narendera Modi declared first lockdown in India, 24th March 2019. The study uses Event Study methodology to determin...

This paper is concerned with empirical and theoretical basis of the E¢ cient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at di¤erent frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk aversion and market e¢ ciency. The paper then focuses on the theoretical foundation of the EMH, and sho...

In this paper we examine assets price deviation in a multi-market system with heterogeneous investors in each market. Coupled map lattices (CML) is introduced to the market maker framework. It results in market cluster sharing the same sign of deviation in the chaotic interval. Distribution plots are applied to understand the deviation persistence enhancement from the coupling e¤ect. Besides th...

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A generation ago, the efŽ cient market hypothesis was widely accepted by academic Ž nancial economists; for example, see Eugene Fama’s (1970) in uential survey article, “EfŽ cient Capital Markets.” It was generally believed that securities markets were extremely efŽ cient in re ecting information about individual stocks and about the stock market as a whole. The accepted view was that when in...