These categories of tests refer to the information set used in the statement "prices reflect all available information." Weak-form tests study the information contained in historical prices. Semi-strong form tests study information (beyond historical prices) which is publicly available. Strong-form tests regard private information.
These categories of tests refer to the information set used i.n the statement "prices reflect all available information." Weak-form tests study the information contained in historical prices. Semi-strong form tests study information (beyond historical prices) which is publicly .available Strong-form tests regard private information