How Efficient are Africa's Emerging Stock Markets?
用八个非洲最大股票市场的最新数据，检验它们是否满足弱式有效市场假说，并与东南亚和拉丁美洲的新兴市场比较。
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.