Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)
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 compon...
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| Format: | Article |
| Language: | English |
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EconJournals
2012-06-01
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| Series: | International Journal of Economics and Financial Issues |
| Online Access: | http://mail.econjournals.com/index.php/ijefi/article/view/143 |