In this Article the weak form of efficient market hypothesis,
was tasted by using prices of common stocks listed in the Tehran
Stock Exchange.
The study used weekly prices of fifty common stocks between
September 1989 and June 1993 . the sample consisted of those
stocks which were most active on the Tehran Stuck Exchange
over the study period.
The results showed that stock Price changes were not
Independent of each other. There was a definite trend in the
prices of common stocks . Thus, the results showed that the
Tehran Stuck Exchange is not an efficient market.
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