MARKET EFFICIENCY IN DEVELOPING COUNTRIES: A CASE STUDY OF THE NAIROBI STOCK EXCHANGE
利用内罗毕证券交易所数据，检验发展中国家股票市场效率，发现小市场可能符合弱式有效市场假说，且结果不受买卖价或市价序列影响。
This study extends evidence on the efficiency of stock markets in developing countries using data from the Nairobi Stock Exchange (NSE), and also addresses some methodological issues which have contributed to the sparseness of similar studies. Evidence is provided that small markets such as the NSE may provide empirical results consistent with weak‐form efficiency. This evidence holds for the NSE irrespective of whether bid‐, ask‐, or market‐price series are used in conducting the study.