WEAK EFFICIENCY ON THE TURKISH GOLD MARKET BY USING RUN TEST APPLICATION

The run test can be used to decide if a data set is from a random prosess. a run is defined as a series of increasing values or a series of decreasing values. in the turkish finance literature, run test has been examined by a number of studies.however, it has not been came across that any study is to apply run test to turkish gold market. therefore, this paper targets to test weak form efficiency of turkish gold market by using run test. in turkey, gold market is divided into three sub markets that are cumhuriyet gold market, reşat gold market and gold bullion markets. the results prove that those sub gold markets are not weak form efficiency in turkey.