TY - JOUR TI - Predictibilidad de los retornos en el mercado de colombia e hipótesis de mercado adaptativo PB - Universidad Icesi PY - 2015 issn 01235923 AB - Efficient markets are those in which it is not possible to predict the returns on assets. However, the adaptive markets hypothesis (AMH) states that efficiency is not a static feature of markets, but varies in time according to market conditions and the behavior of its agents. This paper seeks to test the predictability of the Colombian market, using the automatic variance ratio test in moving windows, to check whether it is efficient, and if efficiency is a static or dynamic feature of this market. The results show that the stock indexes of Colombia have predictable periods and periods of high uncertainty that are consistent with an adaptive market. KW - Producción intelectual registrada - Universidad Icesi KW - Mercado bursatil KW - Mercado colombiano KW - Mercado KW - Markets KW - Colombian market UR - http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/2131 ER -