摘要：Testing the hypothesis of informational efficiency is a permanent preoccupation ofresearchers because the theories and the models of modern finance are based on it. This paper presents theresults obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of thecompanies that belong to the economic steel sub-sector. Following the use of both linear and non-linear testsof autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sectoris inefficient from an informational point of view and the investors in these stocks may obtain better resultsthan those of the European market in general
关键词：steel & iron subsector; stock; return; BDS test; Runs test
