ACKNOWLEDGEMENTS
CHAPTER1 INTRODUCTION / p1
PART I THEORY / p5
　CHAPTER2 STOCK MARKETS AND THE EFFICIENT MARKETS HYPOTHESIS / p6
　　1.Definition of market / p6
　　2.The role of stock markets / p8
　　3.The development of stock markets / p12
　　4.Evolution of the concept of efficient markets / p17
　　5.Characterization of efficiency / p23
　CHAPTER3 THEORY OF FUNDAMENTALS AND BUBBLES / p29
　　1.Introduction / p29
　　2.Assumptions of a stock market model / p30
　　3.The arbitrage equation / p31
　　4.Fundamentals / p33
　　5.Fundamentals,efficient markets and stock prices'movements / p35
　　6.Bubbles / p44
PART II EVIDENCE / p51
　CHAPTER4 EMPIRICAL TESTS OF THE EFFICIENT MARKETS HYPOTHESIS / p52
　　1.Introduction / p52
　　2.Definition of random walks,martingales and fair games / p53
　　3.The fundamental model and martingales / p55
　　4.Statistical tests of weak form efficiency / p58
　　5.Weak form efficiency anomalies / p60
　　6.Variance Bounds Tests / p63
　　7.Orthogonality Tests / p67
　CHAPTER5 TESTING FOR FUNDAMENTALS AND BUBBLES IN JAPANESE STOCK PRICES / p69
　　1.Introduction / p69
　　2.The data used / p71
　　3.Weak form efficiency tests / p72
　　4.Volatility in stock prices / p74
　　5.Tests for fundaments / p76
　　6.More tests for fundamentals: stock prices and profits / p81
　　7.Tests for bubbles / p89
　CHAPTER6 BOUNDED TIME HORIZONS AND EFFICIENT MARKETS / p93
　　1.Introduction / p93
　　2.Changes in the economic structure / p95
　　3.Dividends' basic structural model / p97
　　4.Fundamental stock prices and the boundeness of the span of time horizons / p98
　　5.Empirical results / p104
TABLES / p111
FIGURES / p118
NOTES / p145
BIBLIOGRAPHY / p157