TELLA, SHERIFFDEEN A. Babcock University - Department of Economics, Nigeria , YINUSA, OLUMUYIWA G. Olabisi Onabanjo University - Department of Accounting, Nigeria , OLUSOLA, AYINDE TAOFEEK Centre for Applied Economics and Policy Studies(CEAPEPS), Nigeria

GLOBAL ECONOMIC CRISIS AND STOCK MARKETS EFFICIENCY: EVIDENCE FROM SELECTED AFRICA COUNTRIES

37329

This paper attempts to check the efficiency of the stock markets in Africa (using the Cairo, Johannesburg and Lagos stock markets) as an aftermath of the global economic crisis as well as the lag in effect of the crisis on the stock markets. Using summary statistics, tests of stationarity and EGARCH methods, it is found that there has been contagion with some lag period, actually towards the end of the peak of the crisis and that the African stock markets remain inefficient.

139

global crisis , efficiency , stock market , stationarity , EGARCH.

Bogazici Journal

169