期刊名称：African Journal of Accounting Economics Finance and Banking Research
印刷版ISSN：1933-3404
电子版ISSN：1933-3463
出版年度：2007
卷号：1
期号：2
页码：26-43
出版社：Global Business Investments and Publications LLC
摘要：This paper investigates the presence of day-of-the-week effect, returns volatility and analyzes the annual returns of five African stock markets. A set of parametric and non-parametric tests is used to test equality of mean returns and standard deviations of the returns across the-days-of-the-week. To supplement this analysis, graphical representation of the indexes annual percentage changes was explored and their correlation determined. The results contradict the presence of the-day-of-the- week but indicate insignificant daily returns volatility in most of these Markets. The stock exchanges experienced enormous growth between 1997 and 2004. There was a high positive correlation of market gains and declines among the markets.
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