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Essai sur l'efficience informationnelle du marché boursier marocain
[Testing the informational efficiency of the moroccan stock market]

Author

Listed:
  • Moudine, Chourouk
  • El Khattab, Younes

Abstract

The informational efficiency is a topic that animated the debate between financial theorists. The richness and diversity of works that have attempted to study the efficiency reflect the great interest granted by the academic and professional community to this theme. The starting point for efficient market hypothesis is information. In fact, it is according to the nature of information (past, public or non-public) considered that the form of efficiency is determined. Eugene FAMA distinguishes between three forms of efficiency (weak form, semi-strong form, and strong form). The first two forms were generally validated by econometric tests. The third form remains controversial and difficult to verify. In Morocco, the issue of stock market efficiency is a current topic which deserves to be studied. Through this article, we set three main objectives: to test the informational efficiency of Casablanca Stock Exchange, to determine the elements affecting this efficiency and to propose measures to improve it.

Suggested Citation

  • Moudine, Chourouk & El Khattab, Younes, 2014. "Essai sur l'efficience informationnelle du marché boursier marocain [Testing the informational efficiency of the moroccan stock market]," MPRA Paper 70169, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:70169
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    References listed on IDEAS

    as
    1. Thierry Foucault & Bruno Biais & Pierre Hillion, 1997. "Microstructure des marchés financiers : institutions, modèles et tests empiriques," Post-Print hal-00711388, HAL.
    2. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    3. Roland Gillet & Ariane Szafarz & Bruno Colmant, 2003. "Efficience des marchés: concepts, bulles spéculatives et image comptable," Post-Print hal-03934661, HAL.
    4. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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