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

Pyemo Afego

Makale detayları

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

Yazarlar:

Pyemo Afego

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Economics and Financial Issues 2012 Vol.2 Issue 3, pp.340-347

Belge Tipi:

Makale

Yayın Tarihi:

8/2012

Belge Dili:

Türkçe

Document ID (Org No.):

2000814871

Sıklık:

İki Aylık

eISSN:

2146-4138

Özet:

 

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 component, thus suggesting that traders can earn superior returns by employing trading rules. Statistically significant deviations from randomness are also suggestive of sub-optimal allocation of investment capital within the economy. The findings, in general, contradict the weak-form of the efficient markets hypothesis, and a range of policy strategies for improving the allocative capacity and quality of the information environment of the NSE are discussed.

Makale detayları

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

Yazarlar: Pyemo Afego

Yayıncı: İlhan ÖZTÜRK

Dergi: International Journal of Economics and Financial Issues 2012 Vol.2 Issue 3, pp.340-347

Belge Tipi: Makale

Yayın Tarihi: 8/2012

Belge Dili: Türkçe

Document ID (Org No.): 2000814871

Sıklık: İki Aylık

eISSN: 2146-4138

Sayı

Yazarlar:

Pyemo Afego

Yayıncı:

İlhan ÖZTÜRK

Dergi:

International Journal of Economics and Financial Issues 2012 Vol.2 Issue 3, pp.340-347

Belge Tipi:

Makale

Yayın Tarihi:

8/2012

Belge Dili:

Türkçe

Document ID (Org No.):

2000814871

Sıklık:

İki Aylık

eISSN:

2146-4138