Abstract
In recent years, the presence of abnormal profits in stock markets has been empirically validated, thereby putting the Efficient Market Hypothesis on trial; and the assertion that the market knows everything or the market cannot be beaten has been proven to be a myth. With the presence of profitable trading rules in stock markets, speculation becomes a common phenomenon making the financial system intrinsically instable, vulnerable to shocks, and prone to crashes. This study, while exploring the presence of profitable trading rules in the global market in recent years, finds that developed countries’ submarkets are more vulnerable to speculating activities
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