第三篇文章是由Ausustas Degutis和Lina Novickyte根据有效市场假说(Degutis and Novickyte, 2014)的发展而开发的。在研究中提出了重要的文献综述，表明资本市场的发展(Degutis和Novickyte, 2014)改变了有效市场假说的实证有效性和相关性。因此，研究了波罗的海证券市场，以了解目前有效市场假说的现状(Degutis和Novickyte, 2014)。有人认为，股票的回报将不会对未来的回报产生影响，但有一种理解是，股票价格的变动是由于关键信息，证明了目前市场的半强劲的市场效率存在。
The third article is developed by Ausustas Degutis and Lina Novickyte based on the developments from the efficient market hypothesis (Degutis and Novickyte, 2014). The critical literature review is offered within the study that suggests that the empirical validity and the relevance of the efficient market hypothesis are being changed by the capital markets development (Degutis and Novickyte, 2014). Therefore, the Baltic stock market was researched for understanding the present efficient market hypothesis status (Degutis and Novickyte, 2014). It was identified that the stock return of one day will not be responsible for the influence of the futuristic returns, but it is contested with the understanding that the changes of stock price due to key information proves the semi-strong market efficiency presence in the current markets.
It has been concluded from the above discussion that the efficient market hypothesis and random walk theory are the basis of the recent developments in the sector of behavioural finance. Moreover, the various markets across the world are found to be operating within the identified theory scope.