No CrossRef data available.
Published online by Cambridge University Press: 19 October 2009
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 franc, 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 behavior noted for other speculative prices.