Efficient Market Hypothesis and the Nigerian Capital Market PDF Download
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Author: Henry Inegbedion
Publisher: LAP Lambert Academic Publishing
ISBN: 9783848432486
Category :
Languages : en
Pages : 108
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Book Description
In the wake of the deregulation of the financial sector in Nigeria, following the enthronement of democratic governance, several policies were put in place to stimulate capital market activities. The series of policies, especially the twenty-five Billion Naira capitalization of Banks, led to unprecedented increase in trading on the floor the Nigerian Stock exchange. The perceived rapid returns to investors were suggestive of a speculative market and thus made the market very attractive. Although the studies conducted before this period indicated that the Nigerian Capital Market was efficient in the weak form, there was need for a robust replication of earlier studies to determine the extent to which such claims still held sway against the backdrop of persistent bullish runs; this is what this study sought to achieve. Results of this study showed that the Nigerian capital market is efficient in the weak form; thus showing consistency with most previous studies. It is thus reasonable to conclude that investors in the Nigerian Stock Exchange are assured of fair returns to their investment.
Author: Henry Inegbedion
Publisher: LAP Lambert Academic Publishing
ISBN: 9783848432486
Category :
Languages : en
Pages : 108
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Book Description
In the wake of the deregulation of the financial sector in Nigeria, following the enthronement of democratic governance, several policies were put in place to stimulate capital market activities. The series of policies, especially the twenty-five Billion Naira capitalization of Banks, led to unprecedented increase in trading on the floor the Nigerian Stock exchange. The perceived rapid returns to investors were suggestive of a speculative market and thus made the market very attractive. Although the studies conducted before this period indicated that the Nigerian Capital Market was efficient in the weak form, there was need for a robust replication of earlier studies to determine the extent to which such claims still held sway against the backdrop of persistent bullish runs; this is what this study sought to achieve. Results of this study showed that the Nigerian capital market is efficient in the weak form; thus showing consistency with most previous studies. It is thus reasonable to conclude that investors in the Nigerian Stock Exchange are assured of fair returns to their investment.
Author: Bob. Es Osaze
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 282
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Book Description
Author: Bob. Es Osaze
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 368
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Book Description
Author: Echekoba Felix Nwaolisa
Publisher:
ISBN:
Category :
Languages : en
Pages : 11
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Book Description
Author: Emenike Kalu O.
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659378195
Category :
Languages : en
Pages : 124
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Book Description
In recent years, the Nigerian Stock Exchange (NSE) witnessed an unprecedented growth in market capitalization, membership, value and volume traded. By December 2007, the All-Share Index has grown massively to 57,990 from 1,113 in January 1993. This rising interest in investment opportunities in the NSE raises questions about its efficiency. Why do we care if a stock market is efficient or not? The stock market acts an intermediary and channels funds from savers to firms for investment purposes. An efficient stock market is a 'well-functioning' market, where prices of stocks represent their fair value. This book examines the efficiency of the NSE using a scientific method that can be replicated by stakeholders of stock market such as investors, investment analysts, fund managers, regulators, and students of the stock markets.
Author: Kalu O. Emenike
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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Book Description
In recent years, the Nigerian Stock Exchange (NSE) has witnessed an unprecedented growth in market capitalization, membership, value and volume traded. By December 2007, the All Share Index has grown massively to 57,990.2 from 1113.4 in January 1993. This rising interest in investment opportunities in the NSE raises questions about its efficiency. This paper, therefore, tests the Weak-form Efficient Market Hypothesis of the NSE by hypothesizing Normal distribution and Random walk of the return series. Monthly All Share Index of the NSE is examined from January 1993 to December 2007. Our Normality tests include Skewness, kurtosis, Jarque-Bera and Studentized Range tests; whereas Random walk is tested using the non-parametric Runs test. Results of the Normality tests show that returns from NSE do not follow normal distribution. Runs test results reject the randomness of the return series of the NSE. Overall results from the tests suggest that the NSE is not weak form efficient. Reduction of transaction cost so as to improve market activities and Minimizing institutional restrictions on trading of securities in the bourse were therefore recommended.
Author: Charles Ikechukwu Anaere
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 288
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Book Description
Author: Stefan Palan
Publisher: GRIN Verlag
ISBN: 3638333523
Category : Business & Economics
Languages : en
Pages : 75
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Book Description
Thesis (M.A.) from the year 2004 in the subject Business economics - Investment and Finance, grade: 1 (A), University of Graz (Institute für Industrial Economics), language: English, abstract: This Master Thesis gives an overview of the research into the efficient market hypothesis from its first days in the 1950s to the present. The discussion of theoretical models and concepts is being complemented by a review of relevant empirical evidence from international capital markets. The thesis is completed by a brief outlook on newer research venues, including models employing behavioural finance approaches.
Author: Rafay, Abdul
Publisher: IGI Global
ISBN: 1799802205
Category : Business & Economics
Languages : en
Pages : 888
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Book Description
As an emerging global phenomenon, Islamic economics and the financial system has expanded exponentially in recent decades. Many components of the industry are still unknown, but hopefully, the lack of awareness will soon be stilled. The Handbook of Research on Theory and Practice of Global Islamic Finance provides emerging research on the latest global Islamic economic practices. The content within this publication examines risk management, economic justice, and stock market analysis. It is designed for financiers, banking professionals, economists, policymakers, researchers, academicians, and students interested in ideas centered on the development and practice of Islamic finance.
Author:
Publisher:
ISBN:
Category : Capital gains
Languages : en
Pages : 128
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Book Description
