This book attempts to explore the market efficiency under weak level. It is well known that market efficiency is classified into three levels of hypotheses: weak form, semi-strong, and strong form. Weak form market efficient indicates that assetss price in the market reflect all past information of their prices and trades. Under weak from efficient condition, no one can exploit or beat the market merely using past information of trading.
This book elaborates a method of testing market efficiency using past data on trading. As tradng is classified into several types, this study employs those types of thrading to prove the existence of efficiency. If the market is not efficient, there maust be certain information able to be exracted from the trading. Traders, then, can beat the market as long as they are able to identify the levels and types of information and to translate them into pricing model. (text from the author)