Is There Weak-Form Market Efficiency In A Frontier Market?

While value investors by their very nature, should not believe in the efficient market hypothesis, it’s always interesting to see what trends researchers are discovering about the wider market, in general. Investors should always keep an open mind.

Developed market such as Europe and the US have attracted plenty of attention over the past few decades. Scholarly articles discussing the EMH on the markets in these two regions are common, not least because of the amount of data freely available for research. However, there are few real studies on the efficient market hypothesis in developed markets. It is assumed that the emerging markets are less efficient than developed markets.

More often than not in emerging markets, market participants are not...