Before revision:  In particular, we measure the 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 statistical inferences (i.e., statistical tests using the moving window method).
After revision:  In particular, we measure the degree of market efficiency by using a time-varying model approach of Ito et al. (2014, 2015), which provides a more accurate measurement of market efficiency than conventional statistical inferences (i.e., statistical tests using the moving window method).