Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009)
This paper examines the weak-form of the efficient markets hypothesis for the Nigerian Stock Mushroom Vapes Exchange (NSE) by testing for random walks in the monthly index returns over the period 1984-2009.The results of the non-parametric runs test show that index returns on the NSE display a predictable component, thus suggesting that traders can