An investigation of the market efficiency of the Nairobi Securities Exchange

Njuguna, Josephine M.

dc.contributor.advisor	Makina, Daniel
dc.contributor.author	Njuguna, Josephine M.
dc.date.accessioned	2016-06-01T12:28:11Z
dc.date.available	2016-06-01T12:28:11Z
dc.date.issued	2015-10
dc.identifier.citation	Njuguna, Josephine M. (2015) An investigation of the market efficiency of the Nairobi Securities Exchange, University of South Africa, Pretoria, <http://hdl.handle.net/10500/20295>	en
dc.identifier.uri	http://hdl.handle.net/10500/20295
dc.description.abstract	This study tests for the market efficiency of the Nairobi Securities Exchange (NSE) after the year 2000 to determine the effect of technological advancements on market efficiency. Data that is used is the NSE 20 share index over the period 2001 to 2015; and the NSE All Share Index (NSE ASI) from its initiation during 2008 to 2015. We cannot accept the Efficient Market Hypothesis (EMH) for the NSE using the serial correlation test, the unit root tests and the runs test. However, we can accept the EMH for the more robust variance ratio test. Overall, the results of the market efficiency are mixed. The most significant finding is that the efficiency of the NSE has increased since the year 2000 which suggests that advancements in technology have contributed to the increase in the market efficiency of the NSE.	en
dc.format.extent	1 online resource (xii, 190 leaves) : illustrations (some color)	en
dc.language.iso	en	en
dc.subject	Effiiciency market hypothesis	en
dc.subject	NSE	en
dc.subject	Serial correlations test	en
dc.subject	Unit root test	en
dc.subject	Runs test	en
dc.subject	Variance ratio test	en
dc.subject.lcsh	Efficient market theory -- Kenya -- Nairobi -- Case studies	en
dc.subject.lcsh	Business forecasting -- Kenya -- Nairobi -- Case studies	en
dc.subject.lcsh	Investment analysis -- Kenya -- Nairobi -- Case studies	en
dc.subject.lcsh	Stock exchanges -- Kenya -- Nairobi -- Case studies	en
dc.subject.lcsh	Corporate culture -- Kenya -- Nairobi -- Case studies	en
dc.subject.lcsh	Nairobi Securities Exchange	en
dc.title	An investigation of the market efficiency of the Nairobi Securities Exchange	en
dc.type	Dissertation
dc.description.department	Business Management	en
dc.description.degree	M. Com. (Business Management)