Abstract
The main objective of this project is verify the relationship between market informational structure of prices and the market environment, presented by institutional and economic factors, considering the Adaptive Markets Hypothesis framework. The Adaptive Markets Hypothesis (AMH) is a new conceptual theory that explains informational structure of returns, considering Behavioral Finance and Efficient Markets Hypothesis, using evolutionary concepts. To encounter empirical findings, considering that institutions doesn’t change frequently over time, we will use multilevel analysis of data to identify the impact, also we will use time-series to model the market efficiency proxy, as observed in papers of this area.
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