Smith, Graham; Jefferis, Keith; Ryoo, Hyun-Jung - In: Applied Financial Economics 12 (2002) 7, pp. 475-484
This paper identifies four categories of formal stock market in Africa: South Africa, medium-sized markets, small new markets which have experienced rapid growth, and small new markets which have yet to take off. The hypothesis that a stock market price index follows a random walk is tested for...