Mean-variance efficiency tests by Faff and by Wood.

This article introduces research on mean-variance efficiency of equity market portfolios that used Australian data. Two factors have motivated this research. First, existing Australian evidence on this topic employ data from the industrial sector of the market due to the lack of suitable resource sector data at the time. Second, research on mean-variance efficiency led to the development of multivariate tests that have more power than the two stage tests of efficiency conducted in the 1970's. The researchers undertake multivariate regression tests in their papers.