Identifying the Hidden Nexus between Benford Law Establishment in Stock Market and Market Efficiency: An Empirical Investigation
股票市场 Benford 定律与市场有效性的联系:一项实证研究
Benford's law, or the law of the first significant digit, has been subjected to numerous studies due to its unique applications in financial fields, especially accounting and auditing. However, studies that addressed the law's establishment in the stock markets generally concluded that stock prices do not comply with the underlying distribution. The present research, emphasizing data randomness as the underlying assumption of Benford's law, has conducted an empirical…