Returns from Investing in Australian Equity Superannuation Funds, 1991 to 1999

This study tests the strong-form efficient market hypothesis for Australian equity superannuation fund returns from 1991 to 1999. The efficient market model is not rejected for the sample period, suggesting that passive asset selection is superior to any other strategy that creates greater information and execution expenses, as these costs are largely sunk. Moreover, Australian superannuation investors would achieve their returement income objectives more rapidly through a passive asset selection strategy