The Efficiency of the Market for Foreign Exchange Floating Exchange Rates (pdf, 1976) Oct 11 2017 11:43 language
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Cornell W. Bradford and J. Kimball Dietrich
Abstract
Our paper reports on tests of the weak form of the efficient markets hypothesis applied to spot foreign exchange contracts for the Canadian dollar, Swiss francm Dutch guilder, German Mark, British pound and Japanese Yen, during the period March, 1973, to August, 1973. We conclude that the evidence favors the efficient market hypotheses, and find that the behavior of one-day rates of return on spot contracts resembles the behaviour noted for other speculative prices.
