Year: 1999
Type: article
Abstract: A sample of 224 companies listed in the Kuala Lumpur Stock Exchange was taken for the period 1991-96. The serial correlations tests of varying lags and the runs tests were employed to test for the random walk theory. The bulk of the results tilts towards the rejection of non-randomness, lending weight to the argument that the stock market has no memory, and casting doubt upon the usefulness of technical analysis.
Source: Malaysian Management Journal
Authors: Ahmadu Umaru Sanda, Abdul Ghani Shafie, G.S. Gupta
Institution: Universiti Sains Malaysia
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W59064505