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| Author: | Karemera, D. Ojah, K. Cole, J. A. |
| Title: | Random walks and market efficiency tests: Evidence from emerging equity markets |
| Journal: | Review of Quantitative Finance and Accounting
1999 : SEP, VOL. 13:2, p. 171-188 |
| Index terms: | Capital Markets Efficiency Stocks Prices |
| Language: | eng |
| Abstract: | In the paper, there is the multiple variance-ratio test of Chow and Denning (1993) used to examine the stochastic properties of equity returns in 15 emerging capital markets. It is found among others that the random walk model is consistent with the dynamics of returns in most of the emerging markets analyzed. |
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