كفاءة الأسواق المالية : دراسة قياسية لبورصة الجزائر

Abstract EN

This study aims to assess the capital market efficiency of the Algeria stock exchange through testing the weak-form of efficient market hypothesis.

the assessment has relied on daily price data for a sample of securities during a period of 12 months, from 02 January 2019 until 31 October 2019.

through performing all of the augmented dickey-fuller test (ADF), the phillips-perron test (PP), the normal distribution hypothesis test of time series, and the simultaneous integration of stock prices of the Algeria stock exchange, the results have shown a random presence in the movement of stock prices.

hence, the study induces that the Algerian financial market suffers from a low level of efficiency.

we return this interpretation to the simultaneous integration relationship between equities and a correlation between them.