Adaptive Market Hypothesis: Evidence from three centuries of UK data


  • Ali Almail NBK capital, Safat, Kuwait
  • Fahad Almudhaf Department of Finance and Financial Institutions, Kuwait University, Safat, Kuwait



We examine the evolving efficiency of UK stock market and currency (British Pound) during the last three centuries. Using both Automatic Variance Ratio (AVR) and Automatic Portmanteau (AQ) tests, we find evidence of time-varying degree of efficiency which supports the Adaptive Markets Hypothesis (AMH).

Author Biography

Ali Almail, NBK capital, Safat, Kuwait

Assistant professor of finance


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How to Cite

Almail, A., & Almudhaf, F. (2017). Adaptive Market Hypothesis: Evidence from three centuries of UK data. Economics and Business Letters, 6(2), 48–53.