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Market Efficiency In Developing Countries: A Case Study Of The Nairobi Stock Exchange

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  • John P. Dickinson
  • Kinandu Muragu

Abstract

This study extends evidence on the efficiency of stock markets in developing countries using data from the Nairobi Stock Exchange (NSE), and also addresses some methodological issues which have contributed to the sparseness of similar studies. Evidence is provided that small markets such as the NSE may provide empirical results consistent with weak‐form efficiency. This evidence holds for the NSE irrespective of whether bid‐, ask‐, or market‐price series are used in conducting the study.

Suggested Citation

  • John P. Dickinson & Kinandu Muragu, 1994. "Market Efficiency In Developing Countries: A Case Study Of The Nairobi Stock Exchange," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 21(1), pages 133-150, January.
    • Handle: RePEc:bla:jbfnac:v:21:y:1994:i:1:p:133-150
    DOI: 10.1111/j.1468-5957.1994.tb00309.x
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    References listed on IDEAS

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