UUM Repository | Universiti Utara Malaysian Institutional Repository
FAQs | Feedback | Search Tips | Sitemap

Behaviour of stock returns in the KLSE: A test of the random walk hypothesis


Sanda, Ahmadu Umaru and Shafie, Abdul Ghani and Gupta, G.S. (1999) Behaviour of stock returns in the KLSE: A test of the random walk hypothesis. Malaysian Management Journal, 3 (1). pp. 71-91. ISSN 0128-6226

[img]
Preview
PDF
Download (1MB) | Preview

Abstract

A sample of 224 companies listed in the Kuala Lumpur Stock Exchange was taken for the period 1991-96. The serial correlations tests of varying lags and the runs tests were employed to test for the random walk theory. The bulk of the results tilts towards the rejection of non-randomness, lending weight to the argument that the stock market has no memory, and casting doubt upon the usefulness of technical analysis.

Item Type: Article
Uncontrolled Keywords: random walk theory, listed companies, Malaysia
Subjects: H Social Sciences > HF Commerce
Divisions: UNSPECIFIED
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 08 Aug 2010 09:12
Last Modified: 28 Jun 2015 01:39
URI: http://repo.uum.edu.my/id/eprint/515

Actions (login required)

View Item View Item