اختبار فرضية كفاءة أسواق الأوراق المالية المغاربية عند المستوى الضعيف : دراسة حالة (الجزائر، المغرب، تونس)‎

الملخص EN

The aim of this study to test the hypothesis of the efficiency of the securities markets Maghreb countries at the level of the vulnerable and weak, through the analysis of the performance indicators and their markets as well as the test followed the assumption of random walk, and the monitoring of the fluctuations of the indicators movement during the period from 01/01/2008 till 31/12/2015 using statistical test : ADF , KPSS, Phillips-Perron.

Where the study found that the indicators of the Casablanca Stock Exchange and Tunisian stock market follow random walk including explains the achievement of these stocks low level of efficiency, contrary to theAlgerian market where the assumption of efficiency, the movement the price of its stock is stationarity firmness and they do not respond to the high degree of information contained in the market, including calls for the need to establish the proficiency requirements to keep pace with the degree of development and the level of efficiency of the performance of the stock markets and the Maghreb countries in the study.