Weak-Form Efficiency in the Nineteenth Century: A Study of Daily Prices in the London Market for 3 Per Cent Consols, 1821-1860.

Tests for "weak-form" efficiency provide one benchmark against which the informational efficiency of a market may be judged. This article reports the results of weak-form efficiency tests of the London market for 3 percent consols for the period 1821-60, using approximately 10,000 daily price changes. The results are similar to those found in contemporary markets, suggesting that this market was efficient in the sense defined. Copyright 1989 by The London School of Economics and Political Science.