EFFICIENCE DES MARCHES BOURSIERS : QU’EST-CE QUI MARGINALISE L’AFRIQUE ?

Abstract

Almost of African stock markets are inefficient, contrary to stock market of others continent. This paper re-examine, in one hand, the efficiency, in Fama (1970) way, on 58 stocks market of all continents. And in second hand, it tried to identify the determinants of stocks market efficiency by using a PROBIT model. The autocorrelation tests on daily returns in 2017 confirmed that the African markets are, in general, non-efficient. Meanwhile, the hypothesis of random walk hold for almost of stocks market of the others continents. The results of the PROBIT model reveal that the factors that affect the efficiency of stocks markets are their oldness and institutional environment’. Their relatively recent creation dates didn’t permit the existence of sufficient stock markets culture and practise in their environment. But what explain the particularity of the African markets is the ineffective management of economic and financial policies. To make their market more active and efficient, African countries have to develop wide information and awareness programmes to promote stock market culture within the local economic agents. Those countries have to work for a good implementing of economic and financial reform.

Keywords

• market efficiency
• stock market
• african financial markets
• autocorrelation test jel classification: g14
• g15