EXAMINING THE WEAK-FORM EFFICIENCY OF THE NIGERIAN STOCK EXCHANGE EDUCATION
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| Natura: | Recurso digital |
| Lingua: | inglese |
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2025
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| _version_ | 1866902163997851648 |
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| author | Okafor, Elizabeth M. |
| author_facet | Okafor, Elizabeth M. |
| contents | <p><span>Runs test is a statistical procedure which determines whether the sequence of returns within the distribution have been derived with a random process or not. This study examines the efficiency of The Nigeria Stock Exchange in the weak-form level and the predictability of equity prices/returns using monthly observations. The data set covers the period of ten years- January, 2013 to December, 2022. The stocks were randomly selected based on their ability to trade frequently on the floor of the market, and absorb the shocks of thin trading with irregular hiking. All time-series data were obtained from The Nigeria Stock Exchange database. The study employed non-parametric tool: runs test. Based on the result of the runs test, it can be concluded that the monthly stock return series do not move randomly hence the NSE is not weak form efficient. The policy implication of the analyses is that the Nigeria Stock Exchange, as an emerging market, must be closely monitored to achieve an optimal maturity level. It is therefore recommended that policy makers to enlighten potential investors of the opportunities that are available in the stock market. Such enlightenment should seek to stimulate their interest in capital market activities and thus increase the breadth and depth of the capital market. </span></p> |
| format | Recurso digital |
| id | zenodo_https___doi_org_10_5281_zenodo_16752513 |
| institution | Zenodo |
| language | eng |
| publishDate | 2025 |
| publisher | Zenodo |
| record_format | zenodo |
| spellingShingle | EXAMINING THE WEAK-FORM EFFICIENCY OF THE NIGERIAN STOCK EXCHANGE EDUCATION Okafor, Elizabeth M. Stock markets, random walk, efficient markets hypothesis, runs tests, The Nigeria Stock Exchange <p><span>Runs test is a statistical procedure which determines whether the sequence of returns within the distribution have been derived with a random process or not. This study examines the efficiency of The Nigeria Stock Exchange in the weak-form level and the predictability of equity prices/returns using monthly observations. The data set covers the period of ten years- January, 2013 to December, 2022. The stocks were randomly selected based on their ability to trade frequently on the floor of the market, and absorb the shocks of thin trading with irregular hiking. All time-series data were obtained from The Nigeria Stock Exchange database. The study employed non-parametric tool: runs test. Based on the result of the runs test, it can be concluded that the monthly stock return series do not move randomly hence the NSE is not weak form efficient. The policy implication of the analyses is that the Nigeria Stock Exchange, as an emerging market, must be closely monitored to achieve an optimal maturity level. It is therefore recommended that policy makers to enlighten potential investors of the opportunities that are available in the stock market. Such enlightenment should seek to stimulate their interest in capital market activities and thus increase the breadth and depth of the capital market. </span></p> |
| title | EXAMINING THE WEAK-FORM EFFICIENCY OF THE NIGERIAN STOCK EXCHANGE EDUCATION |
| topic | Stock markets, random walk, efficient markets hypothesis, runs tests, The Nigeria Stock Exchange |
| url | https://doi.org/10.5281/zenodo.16752513 |