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. 2020 Aug 12;69:101829. doi: 10.1016/j.resourpol.2020.101829

Table 2.

Measurement of market efficiency using MDM.

Gold Brent
Overall Upward Downward Overall Upward Downward
Whole period 0.2051 0.1788 0.2533 0.1913 0.2533 0.3182
Pre-COVID19 0.1047 0.1122 0.1254 0.1248 0.1835 0.0979
During COVID19 Outbreak 0.1688 0.2844 0.1571 0.2231 0.2858 0.4019

Note: The bold values indicate the most inefficient market for each intrady return series.