n Investment Analysts Journal - The efficient market hypothesis : evidence from ten African stock markets

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Since the work by Fama (1965, 1970), the efficient market hypothesis (EMH) has become a central part of finance theory. The vast body of research done around this concept is evidence of the interest that the EMH has drawn in both the investment and academic circles. However, the bulk of this evidence is from developed markets in the United States and Europe (Groenewold and Ariff, 1998; Mobarek and Keasey, 2000). Little is known about the efficiency of emerging markets, especially those in Africa. The studies available on African stock markets mostly made use of indices data. This is more so in studies that have included more than one market (e.g., Appiah-Kusi and Menyah, 2003).


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