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Testing the Efficient Market Hypothesis in the Insurance Sector: Evidence From Fourier-Based Stationarity Tests on OECD Countries
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Author(s): Gönül Yüce Akinci (Ordu University, Turkey), Fatma Mumcu Küçükçayli (Burdur Mehmet Akif Ersoy University, Turkey)and Merter Akinci (Ordu University, Turkey)
Copyright: 2026
Pages: 30
Source title:
Harnessing Data Science for Sustainable Insurance
Source Author(s)/Editor(s): Gagan Kukreja (College of Business Administration, University of Bahrain, Bahrain), Ayben Koy (Fenerbahçe University, Turkey), Pooja Kansra (Mittal School of Business, Lovely Professional University, India), Diksha Verma (Chandigarh Business School of Administration, Landran Mohali, India)and S.L. Gupta (Birla Institute of Technology, India)
DOI: 10.4018/979-8-3373-1882-0.ch016
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Abstract
Identifying the mechanisms of efficient functioning of financial markets and determining whether the validity of these mechanisms is consistent with real-world experiences is one of the most interesting topics in the economics and finance literature. Due to its dominance in literature, the main objective of this study is to examine the efficiency of the insurance sector, and the sustainability of this situation with the help of Fourier-based stationarity analysis in OECD member countries for the period 2003-2021. FKPSS, FADF and F-Sollis stationarity tests are applied to test whether the smooth transition process of the variable has emerged and the validity of the Efficient Market Hypothesis in the insurance sector. The results of the analysis point out that insurance intensity is not stationary at the level, structural changes are not manifested by smooth transition processes and structural shocks in the variable do not tend to converge to its long-run average value.
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