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Examining Weak-Form Efficiency and the Dynamics of Stock Return Volatility in Nigeria

This study examined the weak-form efficiency and stock return volatility of the Nigerian Exchange Group (NGX) by analyzing daily closing prices of the All-Share Index (ASI) from May 18, 2017, to June 6th, 2024. Utilizing statistical tests such as Descriptive Statistics, Unit tests, Autocorrelation test, Pairwise Granger Causality test, Ordinary Least Square test, Normality/Random Walk test, Variance Ratio test and ARCH-GARCH models, the research assessed the predictability of stock returns. Results of the analysis revealed that Nigerian stock market did not follow the random walk theory (weak …

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from https://iiardjournals.org/get/WJFIR/VOL. 9 NO. 6 2025/Examining Weak-Form Efficiency 85-119.pdf
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Source	OpenAlex research
Collection	International records
Kind	Document
Publisher	WORLD JOURNAL OF FINANCE AND INVESTMENT RESEARCH
Date	2026-09-09
Type	article
Details	openalex authorships.countries:NG,primary topic.subfield.id:3320\|3321\|3308\|1202\|3303\|3312\|2002\|2000\|2003 + local /\bnige
Found at	https://doi.org/10.56201/wjfir.v9.no6.2025.pg85.119
Archived copy	Look it up in the Wayback Machine
Record ID	`openalex:W7212076630`

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Examining Weak-Form Efficiency and the Dynamics of Stock Return Volatility in Nigeria. OpenAlex research, 2026. Vero Archive, record openalex:W7212076630.