Is the efficiency of stock market correlated with multifractality? An evidence from the Shanghai stock market

► Correlation analysis between multifractality and efficiency for the Shanghai stock market. ► Market efficiency is nonlinearly correlated with multifractality degree. ► Multifractality and efficiency are negatively correlated before equity division reforms. ► They are negatively correlated in the short-term after the equity division reforms. ► They are positively correlated in the long-term after the equity division reforms.