THE EFFICIENT MARKET HYPOTHESIS: REVIEW OF LITERATURE AND EMPIRICAL RESEARCH ON NIGERIAN CAPITAL MARKET
Abstract
The contrasting views on the efficiency of capital markets in both developed and developing nations among researchers which dates back to over forty years is the basis of this research. Hence this paper examines the efficient market hypothesis on the Nigerian capital market spanning the period of 2012-2021. The paper deals with empirical research that has been published in various research journals on the Nigerian capital market. Findings from the empirical research show that there have been mixed feelings on the efficiency of the Nigerian capital market. Nevertheless, the market seems to be efficient in the weak-form. The paper opines that there are inherent difficulties in testing for market efficiency in developing countries capital market due to certain market imperfections that could affect the informational efficiency of the market. Stock market regulators in Nigeria should therefore step up their efforts to improve the adequacy and quality of information flow in the market so as to make the market competitive.
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Published in AFRICAN JOURNAL OF MANAGEMENT, BUSINESS ADMINISTRATION & ENTREPRENEURSHIP
ISSN: 2805 - 4237
This article appears in our peer-reviewed academic journal
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