The prospects of BRIC countries: Testing weak-form market efficiency

The main purpose of the study is to determine whether the equitymarkets of Brazil, Russia, India and China (BRIC) may be considered weak-form efficient in recent years. The major findings usingdaily data and a bias-free statistical technique with a sample spanning from September 1995 to March 2010 indicate that the resultsfrom the last sub-periods, including the subprime crisis, supportthe belief that these markets may have been approaching a state ofbeing fairly weak-form efficient, which reflects the future prospectsof BRIC countries. (C) 2013 Elsevier B.V. All rights reserved.