Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)

Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)

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This paper examines the weak-form of the efficient markets hypothesis for the Nigerian Stock Exchange (NSE) by testing for random walks in the monthly index returns over the period 1984-2009. The results of the non-parametric runs test show that index returns on the NSE display a predictable compone...

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Bibliographic Details
Main Author: Pyemo Afego
Format: Article
Language:English
Published: EconJournals 2012-01-01
Series:International Journal of Economics and Financial Issues
Subjects:
Random walk hypothesis
Market efficiency
Runs test
Stock returns
Nigeria
Online Access:http://www.econjournals.com/index.php/ijefi/article/view/143/pdf

Internet

http://www.econjournals.com/index.php/ijefi/article/view/143/pdf

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