A TEST OF NIGERIAN STOCK MARKET EFFICIENCY USING RUNS TEST
| dc.contributor.author | Aza, Solomon Mangwa | |
| dc.contributor.author | Musa, Abdullahi O. | |
| dc.date.accessioned | 2023-12-11T13:18:28Z | |
| dc.date.available | 2023-12-11T13:18:28Z | |
| dc.date.issued | 2013-02-03 | |
| dc.description.abstract | This study empirically examines the claim of efficient market efficiency on the Nigerian stock exchange. Due to the conflicting result on the efficiency of the market, this study employs the use of the runs test. The study Covers The Period 1985 To 2012 Using The Monthly All Share Index of the Nigerian Stock Exchange constituting a sample of 412. The result of the analysis shows that the Nigerian stock market is not efficient. Thus shore prices on the market do not reflect all the available information in the market. Based on the finding it was recommended that regulators should always be at their toe and not to rely on the proposition of the efficient market hypothesis. Since efficiency varies or change with time, relying on it will lead to market failure. Regulators should constantly monitor and should take prompt actions to curb any case of ill practices by firms and traders in the market. | en_US |
| dc.identifier.citation | Aruwa, S.A.S & Abdullahi M.O. (2012). Stock Return Predictability and Adaptive Market Hypothesis. Evidence from the Nigerian Stock Exchange. A paper presented at an annual international seminar organized by African Accounting and Finance at Sheraton Hotels, Abuja Ayadi, O (1984). Random walk hypothesis and the behaviour of stock prices in Nigeria.The nigeria journal of economics and social studies, 26(1) (1965).Random walks in stocks market prices. Financial Analyst Journal Sept. October, Pg. 55-59. Fama, E. F. (1969).The Adjustment of Stock Price To New Information. International Economic Review, February, Pg. 1-21. Gimba, V.K (2011). Testing the Weak-form Efficiency Market Hypothesis: Evidencey from Nigerian Stock Market Central Bonk of Nigeria Journal of Applied Statistics Vol 3 No 1 Kalu, E.O (2008). Efficiency across time.Evidence from the Nigerian Stock Exchange. Mayowa, G, A & Osayuwu, R (2012). Testing the Weak-form of Efficient Market Hypothesis in Nigerian Capital Market Accounting and Finance Research Vol 1 No 1 | en_US |
| dc.identifier.uri | https://keffi.nsuk.edu.ng/handle/20.500.14448/2581 | |
| dc.language.iso | en | en_US |
| dc.publisher | Department Of Public Administration, Nasarawa State University, Keffi | en_US |
| dc.subject | Stock Market, Efficiency and Runs test | en_US |
| dc.title | A TEST OF NIGERIAN STOCK MARKET EFFICIENCY USING RUNS TEST | en_US |
| dc.type | Article | en_US |