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Market follows a random walk hypothesis.

Ayadi, O. (2006). Random walk hypothesis and the behaviour of stock prices in Nigeria. The Journal of Economics and Social Studies, 1 (25), 7-8.

Capital Market and the Random Walk Hypothesis.

References 7 Bloomberg Businessweek: Nigeria Counts on Business in Bid for Economic Crown The African Executive: Nigerian Stock Exchange Upgrades Trading Platform Journal of Emerging Issues in Economics, Finance and Banking: Econometric Investigation of the Random Walk Hypothesis in the Nigerian Stock Market Australian Journal of Business and Management Research: Capital Market Efficiency -- A Test of the Strong Form in Nigeria This Day Live: NSE Unveils 13 Supplementary Market Makers Transnational Corporations Review: Efficiency of the Nigerian Capital Market -- Implications for Investment Analysis and Performance.

The Random Walk Hypothesis and the Behaviour of …

Investor Home - The Efficient Market Hypothesis and Random Walk Theory ..

Stock exchange markets play a critical role in their economies. They facilitate the movement of capital, often aggregating resources of small individual savers into sufficiently large capital sums that can be successfully invested by commercial companies and at the same time provide opportunities for investors to generate returns. Fluctuation in this markets influence personal and corporate financial live and economic health of a country. The debate on random walk hypothesis has been pointed out as dealing with whether or not security price fully reflect historical prices or returns information.

The findings suggest that random walk model cannot be a good description of successive price returns at the Nairobi stock exchange. This is analogous to the earlier evidence by Parkinson 1984 that random walk model does not apply on Nairobi stock exchange. The findings are contrary to earlier evidence (Dickson and Muragu; 1994, Githiga; 2008 and Anyumba; 2010) that random walk model was a good description of successive price returns at the NSE. The results obtained are contrary to the hypothesis that successive stock prices are independent random variables and also not consisted with efficient market hypothesis

correlated but follow a random walk, ..

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