EMPIRICAL TEST FOR WEAK-FORM EFFICIENT MARKET HYPOTHESIS OF THE NIGERIAN STOCK EXCHANGE
Abstract This research empirically tested the weak-form efficient market hypothesis of the Nigerian Stock Exchange (NSE) by hypothesizing normality of the return distribution series, random walk assumption and efficiency across time. Monthly all share indices of the NSE were examined for normal distribution and random walk from January 1993 to December 2007, as well as two sub-periods of January 1993 to December 1999 and January 2000 to December 2007. Our ...
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