Document Type
Article
Publication Date
2002
Abstract
The development of financial institutions has been viewed in recent years as critical to the economic development process. This research uses recent data from the eight largest African stock markets to test whether these markets meet the criterion of weak-form stock market efficiency with returns characterised by a random walk. Results are then compared with similar tests on emerging stock markets in Southeast Asia and Latin America. Conclusions from the research indicate that test results for weak-form efficiency in the emerging African stock markets compare favorably with those performed on other emerging stock markets.
DOI
10.1080/00220380412331322441
Recommended Citation
Magnus Arni Magnusson And Bruce Wydick. How Efficient are Africa’s Emerging Stock Markets? Journal of Development Studies (April 2002), vol. 38, no. 4, pp.41-156. DOI: 10.1080/00220380412331322441
Comments
This is an Accepted Manuscript of an article published by Taylor & Francis in: Journal of Development Studies in April 2002, available online: http://dx.doi.org/10.1080/00220380412331322441