The Efficiency of BRVM Tested by the Facts: Analysis of Past Share Prices

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AuteurHOUNDALIDJI, YAOVI HILAIRE ELVIS
AuteurTCHINDRO, GILLES RAVEL
AuteurHOUNKOU, COSSI EMMANUEL
Date d'ajout2026-06-02T16:06:57Z
Date de disponibilite2026-06-02T16:06:57Z
Date de publication2024
ResumeIn the 1980s with the financial crisis, the emergence of stock markets was far from being a fashionable phenomenon because it emanated from the demands of States who saw the establishment of stock markets as an efficient means of mobilization and allocation of domestic savings. The efficient market hypothesis has implications for investors. This efficiency, despite work on its validation, was called into question years later through behavioral finance. The conclusions of this theory have only known divergent points. We have noted an accumulation of scientific evidence of the random walk of stock prices, and the low efficiency hypothesis has become a true paradigm in the scientific community for having gained ground. The efficiency of financial markets being informational, it is worrying for the academic community since it conditions the attractiveness of research. On the regional stock market, few studies have been carried out on efficiency and have refuted the hypothesis in the weak sense. The objective of the study is to test the efficiency of the BRVM in the weak sense. Data collection was provided by the BRVM and the BCEAO, i.e. 45 values, the number of securities listed on June 30, 2022. This is the sample for which we have 1,618 daily data over a period going from January 4, 2016 to June 30, 2022. They were processed and prepared through the Box and Jenkins procedure in forecasting one dimensional time series. According to the analyses, it appears that the regional stock market is inefficient, thus confirming the efficiency of the BRVM in the weak sense.
Autre identifiantBECDB-17552
URIhttps://dspace.uac.bj/handle/123456789/14539
Languefr
Fait partie deJournal of Financial Risk Management,
SujetMarket Efficiency
SujetInformational Efficiency of Financial Markets
SujetTest Runs
SujetBox and Jenkins
SujetMethod
SujetARIMA Model
TitreThe Efficiency of BRVM Tested by the Facts: Analysis of Past Share Prices
TypeArticle

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