Efficient Capital Markets: A Review of Specialized Literature and Methodology on Nigerian Stock Market

IF 1.3 Q1 LAW European Company and Financial Law Review Pub Date : 2022-06-30 DOI:10.4467/22996834flr.22.016.16323

J. Ajayi

引用次数: 0

Abstract

The efficiency of securities market has generated a lot of controversy over four decades in finance and economic discussions leading to some people accepting or rejecting the efficient market hypothesis. Hence this paper examines the growing body of empirical research on efficient market hypothesis on the Nigerian capital market for the past twelve years (2010-2021). The paper particularly surveys empirical research and specialized literature as it relates to the Nigerian capital market. The paper is purely empirical research that have been published in various academic journals on the Nigerian capital market. Findings from the empirical research show that there has been no consensus on the efficiency of the Nigerian capital market. However, the market seems to be efficient in the weak-form. The conclusion of this paper is 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.

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有效资本市场:尼日利亚股票市场的专业文献与研究方法综述

四十多年来，证券市场的效率问题在金融经济学的讨论中引起了很多争议，导致人们对有效市场假说的接受和否定。因此，本文考察了过去12年(2010-2021年)尼日利亚资本市场有效市场假说的实证研究。本文特别调查了实证研究和专业文献，因为它涉及到尼日利亚资本市场。本文是对尼日利亚资本市场的纯实证研究，已在各种学术期刊上发表。实证研究结果表明，对尼日利亚资本市场效率的认识尚未形成共识。然而，市场似乎在弱形式下是有效的。本文的结论是，发展中国家资本市场的市场效率测试存在固有的困难，因为某些市场不完善会影响市场的信息效率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Company and Financial Law Review LAW-

CiteScore

1.00

自引率

16.70%

发文量

期刊介绍： In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.