Tests of market efficiency are often referred to as joint tests of two hypotheses: that the market is efficient and that an expected returns model holds.Explain.Is it ever possible to test market efficiency alone (i.e.,without also testing some type of asset-pricing model)?

Question

Quizplus · Accepted Answer

The Answer of Tests of market efficiency are often referred to as joint tests of two hypotheses: that the market is efficient and that an expected returns model holds.Explain.Is it ever possible to test market efficiency alone (i.e.,without also testing some type of asset-pricing model)?

Tests of Market Efficiency Are Often Referred to as Joint