Efficient Market Hypothesis : A Historical Perspective. ( A study of Nigerian Capital Market)

Abstract

The concept of efficient market hypothesis stipulates that securities are fairly priced and that stock prices already fully reflect all available information. Portfolio managers and investors are expected to know the concept of efficient market hypothesis so as to enable them invest properly. This paper focused on concept, history and theory of EMH as espoused by renowned authors over the past decades in relation to Nigerian Capital Market. It tends to critically analyse the efficient market hypothesis using its historical
perspective. We summarize the origins of and interlinkages between these contributions to investment.