The Efficient Market Hypothesis (EMH) has experienced a tremendous transformation since the classical canons to modern versions based on the behavioral knowledge, and technological development. In this study, we have offered a Systematic Literature Review (SLR) based on bibliometric, keyword co-occurrence, and thematic analysis to follow this intellectual evolution. The results show five significant thematic shifts, which are foundational EMH theories, classical versions of market efficiency, adaptive and behavioral, EMH in FinTech and cryptocurrency markets, and EMH in the context of a crisis. The performance analyses of the countries and journals also show the dominance of the USA, UK, and South Africa, and thematic mapping divides the themes into motor, emerging, declining, and basic clusters. The paper also constructs an AIME conceptual framework (Adaptive Informational Market Efficiency) to reconcile the anomalies in EMH with real-life anomalies. The given paper contributes to the theoretical knowledge, outlines the existing gaps especially during times of crisis, institutional design, and AI-oriented market and suggests future prospects of a more resilient and humanistic model of market efficiency.
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