Testing for predictability in emerging equity markets

By E. Chang, E. J. Lima, Benjamin Miranda Tabak. 2004

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Testing the Predictive Ability of Technical Analysis Using a New Stepwise Test Without Data Snooping Bias (2010, background): “stock markets, the earliest estimate of minimum transaction costs could be Fama and Blume (1966). They point out that the floor traders’ costs are roughly 0.”
Efficiency in emerging markets--Evidence from the MENA region (2008, background): “The rationale for using technical trading simulations in efficiency analysis is that the derived rules may pick up some of the hidden patterns that are not detected by the linear models (Chang et al., 2004).”
VARIANCE-RATIO TESTS OF RANDOM WALK: AN OVERVIEW (2009, unknown): “However, this result changes when the multiple VR tests are employed (except for Chen-Deo QP(k) test), showing that, as found by Chang et al. (2004), the Brazilian exchange rate market is not an efficient market.”