Are African stock markets efficient? Evidence from wavelet unit root test for random walk

dc.creator	Lawal, Adedoyin Isola, Somoye, Russel O., Babajide, A. A
dc.date	2017-11-19
dc.date.accessioned	2025-04-01T12:05:26Z
dc.description	In this paper, we used the recently developed frequency based wavelet unit root test alongside a number of time domain unit root tests to examine the validity or otherwise of the random walk hypothesis for seven African largest markets. Unlike previous studies that affirms the validity of the random walk behaviour for African markets, our results reveal that when frequency domain is factored into stock market behaviour framework, evidence abound to reject the null of unit root test for each of the African markets studied. This implies that African markets are inefficient, contributes to growth and provide good opportunities for arbitrage trading. The results have critical implications for investors, policy makers as well as the academics
dc.format	application/pdf
dc.identifier	http://eprints.covenantuniversity.edu.ng/9951/
dc.identifier.uri	https://repository.covenantuniversity.edu.ng/handle/123456789/39286
dc.language	en
dc.subject	H Social Sciences (General), HB Economic Theory
dc.title	Are African stock markets efficient? Evidence from wavelet unit root test for random walk
dc.type	Article

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