*2.4. EMH*

A comprehensive review of the theory and evidence on market e fficiency was first provided by Fama (1970). He defined a market in which asset prices at any time fully reflect all available information as e fficient and then further introduced three kinds of tests of EMH that are concerned with di fferent sets of relevant information. They are the weak-form tests based on the past history of prices; the semi-strong tests based on all public information, including the past history of price; and finally the strong-form tests based on all private, as well as public, information.
