... of factors in a panel is examined and new information criteria with improved properties in small‐N panels proposed. An application to the efficient markets hypothesis is also provided. The null hypothesis of a panel random walk is not rejected by any of the tests, supporting the efficient markets hypothesis...

... contribute to agents' price expectations if released a day early. Thus futures price reactions, which closely reflect price expectations, are rational and consistent with efficient markets hypothesis. efficient markets hypothesis Hamilton-type approach new crop futures USDA crop reports G130 G140 Q110...

... markets hypothesis. Causal holists argue that the holistic testing they espouse circumvents the difficulties surrounding joint-testing problems. This paper assesses whether a causal holist approach can resolve the ambiguity surrounding the evidence against the efficient markets hypothesis. It concludes...