{"id":"https://openalex.org/W2189126185","doi":"https://doi.org/10.19026/crjss.7.5220","title":"Test of Random Walk Hypothesis in the Nigerian Stock Market","display_name":"Test of Random Walk Hypothesis in the Nigerian Stock Market","publication_year":2015,"publication_date":"2015-04-25","ids":{"openalex":"https://openalex.org/W2189126185","doi":"https://doi.org/10.19026/crjss.7.5220","mag":"2189126185"},"language":"en","primary_location":{"id":"doi:10.19026/crjss.7.5220","doi":"https://doi.org/10.19026/crjss.7.5220","is_oa":true,"landing_page_url":"https://doi.org/10.19026/crjss.7.5220","pdf_url":null,"source":{"id":"https://openalex.org/S4210205455","display_name":"Current Research Journal of Social Sciences","issn_l":"2041-3238","issn":["2041-3238","2041-3246"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4360969362","host_organization_name":"Maxwell Scientific Publication Corp.","host_organization_lineage":["https://openalex.org/P4360969362"],"host_organization_lineage_names":["Maxwell Scientific Publication Corp."],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Current Research Journal of Social Sciences","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.19026/crjss.7.5220","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5010986360","display_name":"Sunday Osaretin Igbinosa","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I6406202","display_name":"University of Benin","ror":"https://ror.org/04mznrw11","country_code":"NG","type":"education","lineage":["https://openalex.org/I6406202"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Sunday Osaretin Igbinosa","raw_affiliation_strings":["Department of Banking and Finance, Faculty of Management Sciences, University of Benin, Benin City, P.M.B. 1154, Edo State, GSM: 08038874566"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Banking and Finance, Faculty of Management Sciences, University of Benin, Benin City, P.M.B. 1154, Edo State, GSM: 08038874566","institution_ids":["https://openalex.org/I6406202"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5078576014","display_name":"Joel Obayagbona","orcid":"https://orcid.org/0000-0003-0037-6182","observed_orcids":["https://orcid.org/0000-0003-0037-6182"]},"institutions":[{"id":"https://openalex.org/I6406202","display_name":"University of Benin","ror":"https://ror.org/04mznrw11","country_code":"NG","type":"education","lineage":["https://openalex.org/I6406202"]}],"countries":["NG"],"is_corresponding":false,"raw_author_name":"Joel Obayagbona","raw_affiliation_strings":["Department of Banking and Finance, Faculty of Management Sciences, University of Benin, Benin City, P.M.B. 1154, Edo State, GSM: 08038874566"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Banking and Finance, Faculty of Management Sciences, University of Benin, Benin City, P.M.B. 1154, Edo State, GSM: 08038874566","institution_ids":["https://openalex.org/I6406202"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I6406202"],"apc_list":null,"apc_paid":null,"fwci":1.2112,"has_fulltext":false,"cited_by_count":16,"citation_normalized_percentile":{"value":0.85294804,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"7","issue":"2","first_page":"27","last_page":"36"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11326","display_name":"Stock Market Forecasting Methods","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/random-walk-hypothesis","display_name":"random walk hypothesis","score":0.968999981880188},{"id":"https://openalex.org/keywords/weak-form-market-efficiency","display_name":"weak-form market efficiency","score":0.9580000042915344},{"id":"https://openalex.org/keywords/nigerian-stock-exchange","display_name":"Nigerian Stock Exchange","score":0.7770000100135803},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.8349999785423279},{"id":"https://openalex.org/keywords/emerging-stock-markets","display_name":"emerging stock markets","score":0.699999988079071},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.597000002861023}],"concepts":[{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.6704660654067993},{"id":"https://openalex.org/C29368100","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Efficient-market hypothesis","level":4,"score":0.6642402410507202},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6251042485237122},{"id":"https://openalex.org/C5297727","wikidata":"https://www.wikidata.org/wiki/Q786970","display_name":"Autocorrelation","level":2,"score":0.5837860107421875},{"id":"https://openalex.org/C125112378","wikidata":"https://www.wikidata.org/wiki/Q176640","display_name":"Randomness","level":2,"score":0.5835456848144531},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5678439140319824},{"id":"https://openalex.org/C46461501","wikidata":"https://www.wikidata.org/wiki/Q1935853","display_name":"Random walk hypothesis","level":4,"score":0.5658009052276611},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5402204394340515},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.5283986926078796},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4874861240386963},{"id":"https://openalex.org/C12747933","wikidata":"https://www.wikidata.org/wiki/Q13405082","display_name":"Stock market bubble","level":4,"score":0.4588940143585205},{"id":"https://openalex.org/C88389905","wikidata":"https://www.wikidata.org/wiki/Q223371","display_name":"Stock market index","level":4,"score":0.4258861839771271},{"id":"https://openalex.org/C159877910","wikidata":"https://www.wikidata.org/wiki/Q2202883","display_name":"Autoregressive model","level":2,"score":0.4158611297607422},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3517163097858429},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.17902684211730957},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.15909546613693237},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.144642174243927},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.08353757858276367},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.06874686479568481},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.19026/crjss.7.5220","doi":"https://doi.org/10.19026/crjss.7.5220","is_oa":true,"landing_page_url":"https://doi.org/10.19026/crjss.7.5220","pdf_url":null,"source":{"id":"https://openalex.org/S4210205455","display_name":"Current Research Journal of Social Sciences","issn_l":"2041-3238","issn":["2041-3238","2041-3246"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4360969362","host_organization_name":"Maxwell Scientific Publication Corp.","host_organization_lineage":["https://openalex.org/P4360969362"],"host_organization_lineage_names":["Maxwell Scientific Publication Corp."],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Current Research Journal of Social Sciences","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.19026/crjss.7.5220","doi":"https://doi.org/10.19026/crjss.7.5220","is_oa":true,"landing_page_url":"https://doi.org/10.19026/crjss.7.5220","pdf_url":null,"source":{"id":"https://openalex.org/S4210205455","display_name":"Current Research Journal of Social Sciences","issn_l":"2041-3238","issn":["2041-3238","2041-3246"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4360969362","host_organization_name":"Maxwell Scientific Publication Corp.","host_organization_lineage":["https://openalex.org/P4360969362"],"host_organization_lineage_names":["Maxwell Scientific Publication Corp."],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Current Research Journal of Social Sciences","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":29,"referenced_works":["https://openalex.org/W66483636","https://openalex.org/W643213408","https://openalex.org/W1547211403","https://openalex.org/W1547799524","https://openalex.org/W1925192678","https://openalex.org/W1974634890","https://openalex.org/W1976962826","https://openalex.org/W1990121684","https://openalex.org/W2000637530","https://openalex.org/W2005963395","https://openalex.org/W2010997253","https://openalex.org/W2021802674","https://openalex.org/W2026712034","https://openalex.org/W2030138465","https://openalex.org/W2035555383","https://openalex.org/W2073043309","https://openalex.org/W2090637028","https://openalex.org/W2100666698","https://openalex.org/W2116988722","https://openalex.org/W2121383450","https://openalex.org/W2129292160","https://openalex.org/W2131773668","https://openalex.org/W2132674227","https://openalex.org/W2132812604","https://openalex.org/W2143011312","https://openalex.org/W2253180244","https://openalex.org/W2313953460","https://openalex.org/W3122342999","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W2125854948","https://openalex.org/W2108925234","https://openalex.org/W1547211403","https://openalex.org/W1571576180","https://openalex.org/W3195849898","https://openalex.org/W2183120512","https://openalex.org/W1811522508","https://openalex.org/W2755715094","https://openalex.org/W1698095753","https://openalex.org/W1546949635"],"abstract_inverted_index":{"The":[0,75,92],"paper":[1,93],"investigates":[2],"the":[3,8,33,46,51,54,80,89,117,120],"weak-form":[4],"market":[5,11,112],"hypothesis":[6],"in":[7,39,68,88,109],"emerging":[9,81],"capital":[10],"of":[12,24,37,66,73,119],"Nigeria":[13],"from":[14,45],"January":[15],"2006":[16],"to":[17,30],"December":[18],"2011.":[19],"It":[20],"uses":[21],"three":[22],"tests":[23,52],"randomness":[25],"based":[26],"on":[27],"autoregressive":[28],"technique":[29],"check":[31],"for":[32,56],"presence":[34],"or":[35],"otherwise":[36],"autocorrelation":[38],"daily":[40],"stock":[41,58],"prices":[42,59],"and":[43,60,71,98,103,107],"returns":[44,62],"Nigerian":[47,82,121],"Stock":[48,83,122],"Market.":[49,123],"All":[50],"including":[53],"Z-statistics":[55],"both":[57],"their":[61],"show":[63],"significant":[64],"indications":[65],"dependence":[67],"return":[69],"series":[70],"hence,":[72],"non-randomness.":[74],"overall":[76],"results":[77],"suggest":[78],"that":[79,95,114],"Market":[84],"is":[85],"not":[86],"efficient":[87],"weak":[90],"form.":[91],"recommends":[94],"policy":[96,105],"makers":[97],"regulatory":[99],"authorities":[100],"should":[101],"enact":[102],"implement":[104],"measures":[106],"put":[108],"place":[110],"necessary":[111],"structures":[113],"would":[115],"promote":[116],"efficiency":[118]},"counts_by_year":[{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":6},{"year":2019,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}
