There has been work done to incorporate structural shifts within finance theory,but it involves ditching RET. Frydman and Goldberg (2011) analyse changes in the markets's forecasting strategy,as well as valuation changes using them,because of new information. They propose the contingent market hypothesis,which...'supposes that:
The causal process underpinning price movements depends on available information,which includes observations concerning fundamental factors specific to each market.