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

Pyemo Afego

EN

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

Öz

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.

Anahtar Kelimeler

Random walk hypothesis, Market efficiency, Runs test, Stock returns, Nigeria

Ayrıntılar

Birincil Dil

İngilizce

Konular

-

Bölüm

-

Yazarlar

Pyemo Afego Bu kişi benim

Yayımlanma Tarihi

1 Eylül 2012

Gönderilme Tarihi

1 Eylül 2012

Kabul Tarihi

-

Yayımlandığı Sayı

Yıl 2012 Cilt: 2 Sayı: 3

IZ

https://izlik.org/JA73MB23XT

Kaynak Göster

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 (01 Eylül 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, c. 2, sy 3, ss. 340–347, Eyl. 2012, [çevrimiçi]. Erişim adresi: 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 (01 Eylül 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, c. 2, sy 3, Eylül 2012, ss. 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]. 01 Eylül 2012;2(3):340-7. Erişim adresi: https://izlik.org/JA73MB23XT