THE CHANGING EFFICIENCY OF AFRICAN STOCK MARKETS

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Efficiency in emerging markets--Evidence from the MENA region (2008, methodology): “Smith and Jefferis (2005) used a variance ratio methodology for the African markets and found support for the random walk hypothesis in Israel, Jordan and Lebanon.”
The Evolution of Stock Market Efficiency Over Time: A Survey of the Empirical Literature (2011, background): “These recent studies do report evidence of weak-form efficiency for emerging stock markets, for instance Al-Khazali et al. (2007) for Bahrain, Egypt, Jordan, Kuwait, Morocco, Oman, Saudi Arabia and Tunisia; Smith (2007) for Israel, Jordan and Lebanon; Kim and Shamsuddin (2008) for South Korea, Taiwa”
Financial crisis and stock market efficiency: Empirical evidence from Asian countries (2008, result): “border, that shook the Asian stock markets during the crisis; (ii) measuring the significance and size of the contributions of these news to the explanation of stock market inefficiency in a regression setting, similar in spirit to those by Baig and Goldfajn (1999), Kaminsky and Schmukler (1999), Jo”