TESTS D’HYPOTHESES DE L’EFFICIENCE INFORMATIONNELLE DU MARCHE BOURSIER MAROCAIN : APPLICATION AUX VALEURS DU MADEX

Résumé

a market is efficient informational point of view, assume that the values of securities or stock returns have a normal distribution, followed a random walk and stationary. The purpose of this article is to study the state of efficiency of the Moroccan stock market under these different forms, through a sample of the monthly values of MADEX between January 2013 and December 2015. Revue Économie, Gestion et Société N°20 août 2019 http://revues.imist.ma/?journal=REGS ISSN: 2458-6250 2 Indeed, the empirical results obtained during our study period were mounted that the Moroccan stock market has a state of informational efficiency: first, all parametric tests (JARQUE BERA) and nonparametric (Kolmogorov Smirnov, D & W), we allow to accept the assumptions of normality and random walk. On the other hand, there is no time trend (MannKendall Test) and data are consistent throughout the period (PETTITT Tests and SNHT). However, despite the presence of extreme values (unit root test ADF), all values in our sample followed a stationary process (KPSS Test).