Abdullahi, N. A., Garba, A.: The Efficiency of the Nigerian Capital Market: A Review of Literature and Methodology, AAU Annals of Accounting, Educational & Social Research, vol. 4, no. 1, 36 -47, 2017.

Adebanjo, J. F., Awonusi F., Eseyin O.: The Weak-Form Market Efficiency and Nigerian Stock Exchange, Afro Asian Journal of Social Sciences,vol. 9. no. 4, 2018, pp. 1-17.

Adelegan, O. J.: Price Reactions to Dividend Announcements on the Nigerian Stock Market African Economic Research Consortium, AERC Research Paper no. 188, 2009, pp. 1-31.

Afego, P.: Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009), International Journal of Economics and Financial Issues, vol. 2, no. 3, 2012, pp. 340-347.

Agwuegbu, et. al.: A Random Walk Model for Stock Market Prices, Journal of Mathematics and Statistics, vol. 6, no. 3, 2010, pp. 342-346.

Ajao, M. G., Osayuwu R.: Testing the Weak Form of Efficient Market Hypothesis in Nigerian Capital Market, Accounting and Finance Research, vol. 1, no.1, 2012, pp. 1-12.

Ajayi, J. A; Oshadare, S. A., Ajala, A. O.: Semi-Strong Form of Efficiency of Nigerian Stock Market: An Empirical Test in the Context of Input and Output Index, International Journal of Financial Research, vol. 9, no.1, 2018, pp. 115-120.

Akbar, M.: Reaction of stock prices to dividend announcements, Lahore Journal of Economics, vol. 1, no. 20, 2010, pp. 103-125.

Aleexander, S. S.: Price Movements in Speculative Markets, Trends or Random Walks, Industrial Management Review, vol. 2, 1961, pp. 7-26.

Ayadi, O.: Random Walk Hypothesis and the Behaviour of Stock Price in Nigeria, The Nigeria, Journal of Economics and Social Studies, vol. 26, no. 1, 1984, pp. 57-71.

Azeez, B.A., Sulaiman, L.A.: Capital Market Efficiency: a Test of the Strong Form in Nigeria, Australian Journal of Business and Management Research, vol.2, no. 3, 2012, pp. 12-18.

Chordia, T., Roll, R., Subrahmanyam, A.: Liquidity and Market Efficiency, Journal of Financial Economics, vol. 87, 2008, pp. 249-268.

Copeland, T. E. and Weston, J. F.: Financial Theory and Corporate Policy, California: Addison Wesley Publishing Incorporated, 1983.

Daniel, D. S., Omiete, V. O.: Weak-Form Efficiency of the Nigerian Capital Market Prior and Post Internationalization Periods, Gusau International Journal of Management and Social Sciences,vol. 4, no. 2, 2021, pp. 73-85.

Economics Series, vol. 29, no. 3, 2019, pp. 38 –63.

Ejem, C. A; Ogbonna, U. G., Okpara, G. C.: Efficient Market Hypotheses Controversy and Nigerian Stock Exchange Relations, International Journal of Accounting, Finance and Risk Management, vol. 5, no. 3, 2020, pp. 131-140.

Ekechi, A. O.: Weak-form efficiency on the Nigerian stock exchange, African Review of Money, Finance and Banking, vol. 1, 1989, pp. 5-16.

Ekiran, O.: Basic Understanding of Capital Market and Operations, Lagos: CIBN Press, 1999.

Fama, E. F.: Efficient Capital Markets: A Review of Theory and Empirical Work, Journal of Finance, vol. 25, no. 2, 1970, pp. 382–417.

Fama, E. F.: Efficient Capital Markets: II., Journal of Finance, vol. 46, no. 5, 1575 – 1617, 1991

Fama, E. F.: The Behaviour of Stock Market Prices, Journal of Business, vol. 5, no. 2, 1965, pp. 38-72.

Fapetu, O., Adesina, J.: An Empirical Analysis of Efficiency of the Nigerian Capital Market, Research Journal of Finance and Accounting, vol. 4, no. 1, 2013, pp. 111-117.

Fox, A .F., Opong, K. K.: The impact of board changes on shareholders wealth: Some U.K. evidence. Corporate Governance, An International Review, vol. 7, 1999, pp. 385-96.

Gbalam, P. E., Nelson, J.: Testing the Weak-from efficiency of the Nigerian Stock Exchange, European Journal of Accounting and Finance Research, vol. 7, no. 10, 2019, pp. 10-22.

Gimba, V. K.: Testing the Weak-form Efficiency Market Hypothesis: Evidence from Nigerian Stock Market, CBN Journal of Applied Statistics, vol. 3, no. 1, 2012, pp. 117-136.

Imafidon, K., Arowoshegbe, A. O.: A Test of Fama’s 1991 Efficient Capital Markets II Positions in the Nigerian Capital Market, International Journal of Humanities and Social Sciences, vol. 5 no. 4, 2015, p. 211.

Kendall, M. G.: The Analysis of Economic Time Series 1. Journal of Royal Statistical Society, Series A, no. 116, 1953, pp. 11-25.

Khoury, S. J.: Investment Management Theory and Application, London: Macmillan Publishing Co., 1983.

Magnus, F. J.: Capital Market Efficiency: An Analysis of Weak-form Efficiency on the Ghana Stock Exchange, Journal of Money, Investment and Banking, vol. 5, 2008, pp. 5-12.

Malkiel, B. G.: The efficient market hypothesis and its critics, Journal of Economic Perspectives vol. 17, no.1, 2003, pp. 59–82.

Manasseh, C. O; Ozuzu, C. K., Ogbuabor, J. E.: Semi Strong Form Efficiency Test of the Nigerian Stock Market: Evidence from Event Study Analysis of Bonus Issues, International Journal of Economics and Financial Issues, vol. 6, no. 4, 2016, pp. 1474-1490.

Moore, A. B.: Statistical Analysis of Common Stock Prices, Unpublished Doctoral Dissertation, University of Chicago, 1962.

Nageri, K. I., Abdukadir, R. I.: Is the Nigerian Stock Market Efficient? Pre and Post 2007-2009 Meltdown Analysis, Studia Universitatis Vasile Goldis Arad.

Nneji, I. : Efficiency of the Nigerian Capital Market; an Empirical Analysis Research, Journal of Finance and Accounting, vol. 4, no. 4, 2013, pp. 60-68.

Ntim, C. G. et. al.: Testing the weak-form efficiency in African stock markets, Managerial Finance, vol. 37, no. 3, 2011, pp. 195-218.

Nwosa, P. I., Oseni, I. O.: Efficient Market Hypothesis and Nigerian Stock Market, Research Journal of Finance and Accounting, vol. 2, no. 12, 2011, pp. 38-46.

Obayagbona, J., Igbinosa, S. O.: Test of Random Walk Hypothesis in the Nigerian Stock Market, Current Research Journal of Social Sciences, vol. 7, no. 2, 2015, pp. 27-36.

Ogbulu, O. M.: Weak-Form Market Efficiency, Estimation Interval and the Nigerian Stock Exchange: Empirical Evidence, Indian Journal of Economics and Business, vol. 5, no. 1, 2016, pp. 84-116.

Ogemudia, A. O.: Testing Weak Form of Efficient Market Hypothesis in Nigeria, Journal of Academic Research in Economics, vol. 13, no. 3, 2021, pp. 488-508.

Ogundina, J. A.: Empirical test of the semi-strong efficiency theory in the Nigerian stock market. Unpublished PhD Thesis, Abia State University, Uturu, 2015.

Okpara, G .C.: Analysis of the efficiency and prediction power of the Nigerian stock market (1984-2009). An Unpublished PhD Thesis, Department of Banking and Finance, Abia State University, Uturu, 2011.

Okpara, G.: Stock market prices and the Random walk hypothesis: Further Evidence from Nigeria, Journal of Economics and International Finance, vol. 2, no. 3, 2010, pp. 49-57.

Olowe R. A.: Financial Management, Lagos: Forthright Publishers, 2011.

Olowe, R. A.: Semi -Strong Information Efficiency of the Nigerian Stock Market: Evidence from Stock Splits, An Unpublished Doctoral Dissertation, University of Lagos, 1996.

Olowe, R. A.: Weak-form Efficiency of the Nigerian Stock Market: Further Evidence, African Development Review vol. 11, no. 1, 1999, pp. 54-67.

Onoh, J. K.: Dynamics of Money, Banking and Finance in Nigeria and Emerging Markets, Aba: Astra Meridian Publishers, 2002.

Oteh, A.: E-payment will address the problem of unclaimed, missing dividends. The Nigerian Punch, Friday, April 28, 2014.

Raja, M. Sudhahar, J. C., Selvam, M.: Testing the Semi-Strong Form Efficiency of Indian Stock Market with Respect to Information Content of Stock Split Announcement – A Study in IT Industry, International Research Journal of Finance and Economics, vol. 1, no. 25, 2009, pp. 57-63.

Samuels, J. M., Jacout, N.: Stock Exchange in Developing Countries. Savings And Development,vol. 4, 1981, pp. 217-320.

Samuelson, P. A.: Proof that properly anticipated price fluctuates randomly, Industrial Management Review, vol. 6,. 1965, pp. 41-49.

Saw, S. H., Tan, K. C.: Test of Random Walk Hypothesis in the Malaysian Stock Market, Securities Industry Review, vol. 15, no. 1, 1989, pp. 45-50.

Smith, G.: Random Walks in Middle Eastern Stock Markets, Applied Financial Economics, vol. 17, 2007, pp. 587-596.

Titan, A. G.: The Efficient Market Hypothesis: Review of Specialized Literature and Empirical Research, Procedia Economics and Finance, vol. 32, 2015, pp. 442-449.

Udoka, C. O.: Weak-Form Market Efficiency: Dynamic Effects of Information on the Nigerian Stock Market, Interdisciplinary Journal of Contemporary Research in Business, vol. 4, no. 7, 2012, pp. 417 – 429.

Whisky, A. E. : An Empirical Analysis of the Stochastic Implications of Stock Price Movements in the Nigerian Capital Market. Archives of Business Research, vol. 2, no. 5, 2014, pp. 57-68.

Yadirichukwu, E., Ogochukwu, O. J.: Evaluation of the Weak Form of Market, Hypothesis: Empirical Evidence from Nigeria, International Journal of Development and Sustainability, vol. 3, no. 5, 2014, pp. 1199-1244.