Before revision:  As shown in Ito and Noda (2012), their degree of market efficiency gives us a more precise measurement of market efficiency than conventional moving window methods .
After revision:  As shown in Ito and Noda (2012), their degree of market efficiency by using the non-Bayesian time-varying model approach of Ito et al. (2014, 2015), which provides a more accurate measurement of market efficiency than conventional moving window methods .