Lobão, Júlio; Pacheco, Luís; Pereira, Carlos - In: Journal of Economics, Finance and Administrative Science 22 (2017) 43, pp. 207-223
applied investment strategy does not account for transaction costs, which may jeopardize its profitability given the fact that …, the investors would always gain better returns when adopting a passive investment strategy. Therefore, it would be wise to … assume that the European market presents at least a degree of efficiency where no investment would yield abnormal returns …