The Informational Efficiency of Weekly Money Announcements An Econometric Critique
指出以往研究每周货币公告信息效率的结论可能源于估计方程中的偏差和测量误差，修正后仍拒绝信息效率假说，并认为实证中的辅助假设引入了影响标准检验的测量误差。
Studies of the weekly money announcement have found markets to be informationally efficient. We demonstrate that this result apparently is related to one or more sources of bias and measurement error that have been introduced to the estimating equations of previous studies. After correcting for these sources of bias and estimating the modified model over the samples employed in earlier studies, we still find evidence to reject the hypothesis of informational efficiency. An alternative explanation is that auxiliary assumptions imposed for empirical convenience introduce measurement error that affects standard tests of the efficient-markets hypothesis.