Testing weak-form market efficiency: Evidence from the Istanbul Stock Exchange |
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| Authors: | Cumhur Buguk |
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| Institution: | a Department of Economics, Gaziosmanpasa University, Tokat, Turkey
b Department of Agricultural Economics, Oklahoma State University, Stillwater, OK 74078-6026, USA |
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| Abstract: | The random-walk version of the efficient market hypothesis is tested for the Istanbul Stock Exchange (ISE) using its composite, industrial, and financial index weekly closing prices. The results obtained from three of the tests indicate that all three series are a random walk, but a nonparametic test provides some evidence against a random walk. |
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| Keywords: | Composite Financial Industrial Istanbul Stock Exchange Weak-form efficiency |
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