Cross-country determinants of market efficiency: A technical analysis perspective
研究了七个因素（如羊群效应、情绪、制度质量）对50个股票市场弱式效率的影响，发现羊群效应、制度质量和股市发展是主要决定因素，而情绪因素作用不显著。
This study examines the relative impact of seven factors, including herding, sentiments, and institutional quality, on varying levels of weak form market efficiency across 50 stock markets. The analysis focuses on the profitability of technical analysis trading strategies to address issues with other (statistical) market efficiency measures related to information and transaction costs (Griffin et al., 2010). Proxies for herding, institutional quality, and equity market development consistently emerge as the most significant cross-country determinants of relative market efficiency. In contrast, proxies for fractionalization, chaos, and investor protection play comparatively weaker roles. We also find no clear link between market efficiency and sentiment proxies.