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Besides, no intrinsic measure anomalies were found for the long horizon. Overall, Australia market is more efficiency compared to US market in terms of weak-from of market efficiency.
In addition, after examining the small firm in January effect anomaly, book to market ratio anomaly and post earnings announcement price drift anomaly, we could see that Australian market especially for small firms was influenced by January effect, book to market ratio and post earnings announcement anomaly, which indicate market inefficiency of Australia market. On the other hand, for the US market, the last three anomalies all applied to US market also, and it seems that US market is also not market efficiency...
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