文章基本信息

标题：Examining the random walk hypothesis in the Amman stock exchange: An analytical study
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作者：Samer Fakhri Obeidat ; Laith Akram al-qudah ; Faris Irsheid al kharabsha 等
期刊名称：Accounting
印刷版ISSN：2369-7393
电子版ISSN：2369-7407
出版年度：2020
卷号：7
期号：1
页码：137-142
DOI：10.5267/j.ac.2020.10.004
出版社：Growing Science
摘要：The current study aimed to examine the weak-form efficiency of the Amman Stock Exchange using the weekly stock closing prices of shares for the period 2017-2019. In order to achieve the research objective, the study used the time lags that occurred between one and three weeks through the following tests: simple regression, Pearson correlation coefficient, and Spearman correlation coefficient. The study sample consisted of 179 companies. The current study concluded that the weekly stock closing prices of the shares of public joint-stock companies in the Amman Stock Exchange do not follow the Random Walk Hypothesis of prices, and therefore, do not follow the characteristics of a normal distribution. Therefore, the Amman Stock Exchange is inefficient at the weak-form level. Consequently, the lack of randomness in weekly stock closing price movements does not comply with the hypothesis of the first study. Likewise, the lack of independence of the changes in the current weekly stock closing prices from the previous ones also does not correspond to the hypothesis of the second study.
关键词：Weak form; Financial stock exchanges; Market efficiency; Random Walk; Stocks Closing Prices