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.