ADAPTIVE MARKET EFFICIENCY: EVIDENCE FROM NIGERIA STOCK MARKET

Lawal, A. I. ADAPTIVE MARKET EFFICIENCY: EVIDENCE FROM NIGERIA STOCK MARKET. JOURNAL OF CRITICAL REVIEWS.

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Abstract

Over the years, there has been a great debate on whether stock markets are efficient. The debate has always been on the validity of efficient market hypothesis, not until the recent when Lo, (2004) developed the adaptive market hypothesis stressing that market efficiency evolve over time. This new assertion has been subjected to critical debate. The current study examined the validity of adaptive market hypothesis based on data sourced on the Nigerian Stock Market. Our study revealed that the Nigerian Stock Market is inefficient; and that efficiency in the market evolves overtime. We established a link between the stock market behaviour and systemic changes like global financial crisis among others. Results from the study have some possible policy implications.

Item Type: Article
Subjects: H Social Sciences > HG Finance
Depositing User: ADEDOYIN LAWAL
Date Deposited: 29 Jun 2021 10:54
Last Modified: 29 Jun 2021 10:54
URI: https://eprints.lmu.edu.ng/id/eprint/3070

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