@article {Smith:1 July 2002:0960-3107:475,
	author = "Smith G.",
	author = "Jefferis K.",
	author = "Ryoo H-J.",
	title = "African stock markets: multiple variance ratio tests of random walks",
	journal = "Applied Financial Economics",
	volume = "12",
	year = "1 July 2002",
	abstract = "This paper identifies four categories of formal stock market in Africa: South Africa, medium-sized markets, small new markets which have experienced rapid growth, and small new markets which have yet to take off. The hypothesis that a stock market price index follows a random walk is tested for South Africa, five medium-sized markets (Egypt, Kenya, Morocco, Nigeria and Zimbabwe) and two small new markets (Botswana and Mauritius) using the multiple variance ratio test of Chow and Denning (<I>Journal of Econometrics</I>, <B>58</B>, 385-401, 1993). The hypothesis is rejected in seven of the markets because of autocorrelation of returns. For the South African market, the stock price index follows a random walk. The paper also suggests factors which may contribute to whether or not an equity market follows a random walk.",
	pages = "475-484(10)",
	url = "http://www.ingentaconnect.com/content/routledg/rafe/2002/00000012/00000007/art00003"
}