Literary Evolution on the Efficient Market Hypothesis
Evolución de la literatura sobre la hipótesis del mercado eficiente
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The Efficient Market Hypothesis has been a cornerstone of classical financial theory and has become the conceptual framework on which the investment of financial assets in the stock market revolves. The purpose of this study is to carry out a bibliographic analysis on the Efficient Market Hypothesis, using advanced computational techniques for data and graph analysis. By means of the Tree of Science tool and under the hypothetical metaphor of a tree, a structural analysis is developed to determine the seminal, structural and most recent publications considered within the bibliographic network on Efficient Market Hypothesis. On the other hand, with the support of the Gephi exploration and visualization software, and from an extended bibliographic network, a cluster analysis is carried out to establish the research aspects derived from this topic during the last decades. The results of the study show a prolific body of knowledge on Efficient Market Hypothesis, starting with Fama’s (1970) Efficient Capital Markets, up to the current research trends largely oriented towards the Adaptive Market Hypothesis, including the application of Artificial Intelligence techniques and tools to technically analyze investment in the stock market.
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