Question: Problem 8.53 The efficient market hypothesis, discussed in Section 5.5 implies that stock market returns are normally distributed. Refer to Example 1.17 and Figure 1.11

Problem 8.53 The efficient market hypothesis, discussed in Section 5.5 implies that stock market returns are normally distributed. Refer to Example 1.17 and Figure 1.11 (histogram of the S&P returns (1999)), which suggest that the returns are normally distributed. Test the data for normality by applying the Shapiro–Wilk test. State the alternatives, decision rule, and conclusion.

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