大家好,第一次发贴,请大家多多帮助.

关于market efficiency hypothesis的.题目要求是estimate AR model by regressing r_nz on a constant and up to 4 lags of r_nz using least squares. chose which lags should be included. and do your results support the market efficiency hypothesis?

r_nz is air New Zealand.

通过p-value我选了lag 3。因为只有它的p-value是小于0.05。但是通过什么来看是否支持market efficiency hypthesis呢？ 如果是efficient market 应该是个random walk，是吗？那如何看出是random walk呢？

看了三遍textbook了，也没找着说这个问题的。麻烦大家给看看。