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The prospects of BRIC countries: Testing weak-form market efficiency

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  • Mobarek, Asma
  • Fiorante, Angelo

Abstract

The main purpose of the study is to determine whether the equity markets of Brazil, Russia, India and China (BRIC) may be considered weak-form efficient in recent years. The major findings using daily data and a bias-free statistical technique with a sample spanning from September 1995 to March 2010 indicate that the results from the last sub-periods, including the subprime crisis, support the belief that these markets may have been approaching a state of being fairly weak-form efficient, which reflects the future prospects of BRIC countries.

Suggested Citation

  • Mobarek, Asma & Fiorante, Angelo, 2014. "The prospects of BRIC countries: Testing weak-form market efficiency," Research in International Business and Finance, Elsevier, vol. 30(C), pages 217-232.
    • Handle: RePEc:eee:riibaf:v:30:y:2014:i:c:p:217-232
    DOI: 10.1016/j.ribaf.2013.06.004
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    More about this item

    Keywords

    BRIC; Weak-form market efficiency; Random walk hypothesis; Emerging markets;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G01 - Financial Economics - - General - - - Financial Crises
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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