عنوان مقاله [English]
If the stock prices of the firms are efficient, the future prices cannot be predicted through the study of past price series.
The purpose of the research is testing weak-form efficiency, using Lo & Mackinaly variance ratio test, for the companies stipulated in principle 44 of the Constitutional Law that have been offered in Tehran Stock Exchange (TSE).
The Sample of the research is all companies subject to principle 44 from 1385/11/15 (date of offering of thefirst company in TSE) to the first half of 1389.
The results of the research indicate that stock prices of principle 44 companies offered in TSE are not weak-form efficient.