Testing Market Efficiency in Turkish & American Energy Markets

Nuray Ergül
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Nuray Ergül: Marmara University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2010, vol. 25, issue 86, 101-120

Abstract: This paper investigates the empirical validity of the Weak Form Efficient Market Hypothesis for Turkish and American Energy Markets. Random Walk Hypothesis is used to prove weak form efficiency in Turkish and American Indexes. ADF and PP Unit Root Tests have been used to test unit root in time series of daily data of Turkish and American Energy Indexes. Results proves that sample of Turkish and American Energy Markets are Weak Form Efficient in terms of the Random Walk Hypothesis.

Keywords: Weak Form Efficiency; Random Walk Hypothesis; Unit Root Tests (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:25:y:2010:i:86:p:101-120

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