Original Articles

The limited efficiency of The Johannesburg Stock Exchange

Published in: Investment Analysts Journal
Volume 6 , issue 10 , 1977 , pages: 15–20

DOI: 10.1080/10293523.1977.11082601

Author(s): P. J. Strebel [AN0001]

Abstract

A brief, critical evaluation of the evidence for and against the Efficient Market Hypothesis on The Johannesburg Stock Exchange indicates that, at most, the hypothesis applies to half of the shares listed on the Exchange: those with average annual trading volumes in excess of at least a quarter million.

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