How Efficient are Africa's Emerging Stock Markets?

By Magnus Magnusson, B. Wydick. 2002

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THE CHANGING EFFICIENCY OF AFRICAN STOCK MARKETS (2005, background): “Magnusson and Wydick (2002) provided three tests of the random walk hypothesis focusing on uncorrelated price changes, independently but not identically distributed (INID) price changes, and IID price changes.”
Testing the Weak Form of Efficient Market Hypothesis: Empirical Evidence from Asia-Pacific Markets (2010, unknown): “Few studies about African market by Magnusson and Wydick (2000) that favors the random walk hypothesis for all the markets.”