The Use of Runs Test in Amman Stock Exchange

  •  Sameer Elbarghouthi    
  •  Amer Qasim    
  •  Mohammed Yassin    


This paper applies runs test - runs up and down, distributions of runs by length, and runs above and below -to examine whether ASE is weak form efficient. The empirical results obtained in this paper suggest that the price behavior in ASE does not follow the random walk model over time. However, this does not necessarily imply a violation of weak form efficiency (vice versa is not correct).

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