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

Volume: 2 Number: 3 September 1, 2012
  • Pyemo Afego
International Journal of Economics and Financial Issues Cover
International Journal of Economics and Financial Issues
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Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)

Abstract

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.

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Primary Language

English

Subjects

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Journal Section

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Authors

Pyemo Afego This is me

Publication Date

September 1, 2012

Submission Date

September 1, 2012

Acceptance Date

-

Published in Issue

Year 2012 Volume: 2 Number: 3

IZ

https://izlik.org/JA73MB23XT

Cite

RIS / Bibtex
APA
Afego, P. (2012). Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009). International Journal of Economics and Financial Issues, 2(3), 340-347. https://izlik.org/JA73MB23XT
AMA
1.Afego P. Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009). IJEFI. 2012;2(3):340-347. https://izlik.org/JA73MB23XT
Chicago
Afego, Pyemo. 2012. “Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)”. International Journal of Economics and Financial Issues 2 (3): 340-47. https://izlik.org/JA73MB23XT.
EndNote
Afego P (September 1, 2012) Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009). International Journal of Economics and Financial Issues 2 3 340–347.
IEEE
[1]P. Afego, “Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)”, IJEFI, vol. 2, no. 3, pp. 340–347, Sept. 2012, [Online]. Available: https://izlik.org/JA73MB23XT
ISNAD
Afego, Pyemo. “Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)”. International Journal of Economics and Financial Issues 2/3 (September 1, 2012): 340-347. https://izlik.org/JA73MB23XT.
JAMA
1.Afego P. Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009). IJEFI. 2012;2:340–347.
MLA
Afego, Pyemo. “Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)”. International Journal of Economics and Financial Issues, vol. 2, no. 3, Sept. 2012, pp. 340-7, https://izlik.org/JA73MB23XT.
Vancouver
1.Pyemo Afego. Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009). IJEFI [Internet]. 2012 Sep. 1;2(3):340-7. Available from: https://izlik.org/JA73MB23XT