Before revision:  In particular, we measure the degree of market efficiency using Ito et al.'s (2014, 2016, 2017) generalized least squares-based time-varying model  .
After revision:  In particular, we measure the degree of market efficiency using Ito et al.'s (2014, 2016, 2017) generalized least squares-based time-varying model that does not depend on sample size, unlike previous studies that used conventional methods .