The results from Table 1 concluded that there were two
methods that showed the RSS3 futures market was not
weak form efficient, namely the Autocorrelation Function
(ACF) and the First-Order Autoregressive Scheme or AR
(1). The other three methods, namely the Unit Root
Tests, Run Test, and Variance Ratio Tests, summarized
that the RSS3 futures market was weak form efficient.
The two methods that showed “not weak form efficient
market” were parametric tests, which use only the normal
distribution data. The parametric tests are less favorable
when compared to the non parametric tests. The non
parametric tests are now more accepted for research in
Thailand and foreign countries. Moreover, the Run Test
and Variance Ratio tests are considered more reliable
than the Autocorrelation Function (ACF) and First-Order
Autoregressive Scheme or AR(1), in which the two latter
tests concluded that the RSS3 futures market was weak
form efficient. Furthermore, the Unit Root Tests by
Augmented Dickey-Fuller (ADF) test and The KPSS test
of stationary showed “non-stationary”, following the
random walk theory, also supported the weak form
efficient market of the RSS3 futures.
The results from Table 1 concluded that there were twomethods that showed the RSS3 futures market was notweak form efficient, namely the Autocorrelation Function(ACF) and the First-Order Autoregressive Scheme or AR(1). The other three methods, namely the Unit RootTests, Run Test, and Variance Ratio Tests, summarizedthat the RSS3 futures market was weak form efficient.The two methods that showed “not weak form efficientmarket” were parametric tests, which use only the normaldistribution data. The parametric tests are less favorablewhen compared to the non parametric tests. The nonparametric tests are now more accepted for research inThailand and foreign countries. Moreover, the Run Testand Variance Ratio tests are considered more reliablethan the Autocorrelation Function (ACF) and First-OrderAutoregressive Scheme or AR(1), in which the two lattertests concluded that the RSS3 futures market was weakform efficient. Furthermore, the Unit Root Tests byAugmented Dickey-Fuller (ADF) test and The KPSS testof stationary showed “non-stationary”, following therandom walk theory, also supported the weak formefficient market of the RSS3 futures.
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