@article{Katabi:281428,
      recid = {281428},
      author = {Katabi, Maximillian Michael and Raphael, Gwahula},
      title = {An Emprical Analysis of Weak-Form Efficiency of Dar es  Salaam Stock Exchange},
      journal = {African Journal of Economic Review},
      address = {2018-07},
      number = {2050-2019-167},
      year = {2018},
      abstract = {This study examines the empirical evidence for efficient  market hypothesis in the Dar es Salaam Stock Exchange  (DSE). The daily closing stock prices of the market index  (All share Index-DSEI) were used, covering the sample  period from January 2009 to March 2015. All data were  extracted from Dar Es Salaam Stock Exchange (DSE),  excluding public holidays and non-trading days. To examine  the weak-form efficiency hypothesis, the study used four  different statistical tests: serial correlation test-The  Ljung-Box test, Unit root tests, non-parametric runs test  and the variance ratio test. The results of all four  statistical tests employed showed that the daily returns  series did not behave randomly for the sample period  investigated and hence it was concluded that DSE is not a  weak form efficient market. Inefficiency of the market  (DSE) general implies that trading strategy such as the  technical analysis can be valuable in the market taking  into consideration of the other factors. The study  recommended that other studies to be conducted using  individual shares. This will help in understanding the  efficiency of individual stocks as well as the possibility  of applying some of trading strategy on individual shares.},
      url = {http://ageconsearch.umn.edu/record/281428},
      doi = {https://doi.org/10.22004/ag.econ.281428},
}