Fr. 64.00

Stock market efficiency in Zimbabwe - Stock Market Efficiency

English, German · Paperback / Softback

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Description

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The efficient market hypothesis has recently been criticized as a result of the methodology employed in the early tests of the theory. More recent evidence has shown that the traditional tests of random walks are susceptible to errors because of spurious autocorrelation induced by non-synchronous trading which is characteristic of stock markets in developing countries like Zimbabwe. This study applies the unit root test to the Zimbabwe Stock Exchange(ZSE). The ZSE is chosen because it represents a typical emerging stock market in Sub-Saharan Africa. Empirical applications of the unit root tests frequently employ the Augmented-Dickey Fuller (ADF) tests. The ADF are carried out with whatever lag length that is necessary to remove autocorrelation from residuals. Using monthly data from January 1994 to November 2002, the results show that the ZSE does not follow a random walk.

About the author










James Zivanomoyo holds a BSc Economics Honours and an MSc Economics from the University of Zimbabwe. He is a founding lecturer in the Faculty of Commerce and works in the department of Economics at Great Zimbabwe University. The author is a seasoned researcher and has published many academic articles and presented papers at various conferences.

Product details

Authors James Zivanomoyo
Publisher LAP Lambert Academic Publishing
 
Languages English, German
Product format Paperback / Softback
Released 01.11.2011
 
EAN 9783846524732
ISBN 978-3-8465-2473-2
No. of pages 72
Dimensions 150 mm x 220 mm x 5 mm
Weight 125 g
Subject Guides > Law, job, finance > Money, bank, stock market

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