@article{Al-Hamdooni_2023, place={São Paulo (SP)}, title={The Relationship Between the Random Walk of the Returns of Financial Market Indices and Market Efficiency: an Analytical Study of the Indicators of a Sample of Arab Financial Markets}, volume={8}, url={https://openaccessojs.com/JBReview/article/view/663}, DOI={10.26668/businessreview/2023.v8i3.663}, abstractNote={<p><strong>Purpose:</strong>  The aim of this article is to study focused through the sample that was selected for the Arab financial markets (Iraq, Kuwait, Dubai) on testing the behavior of the returns of the stock indices for the sample to verify whether they follow the random walk or not.</p> <p> </p> <p><strong>Theoretical framework:</strong> The concept of financial market indices and market efficiency was considered as a  complex multi-tiered system. theory of capital markets functioning were employed in the study.</p> <p> </p> <p><strong>Design/methodology/approach: </strong> At the weak level, the research dealt with the returns of the daily market indices during the period from January 5/2021 to December 1, 2021.</p> <p> </p> <p><strong>Findings: </strong>through the use of three tests, which are to test the normal distribution of the studied observations using the test (Kolmogorov-Smirnov test), and the time-series stability test (Stationary), which is known as the unit root test through the use of the modified Dickey-Fuller Test, and the serial self-correlation test (Q-Stat) as part of the financial markets efficiency test.which means that the conscious investor can benefit from achieving extraordinary returns in those markets.</p> <p> </p> <p><strong>Research, Practical & Social implications: </strong>We suggest a future research agenda and highlight the contributions made to executive and financial market.</p> <p> </p> <p><strong>Originality/value: </strong> The research concluded that the random movement hypothesis was accepted, and that the stock indices reflect all the historical information in the researched markets, and then the efficiency of the studied markets at the weak level.</p> <p><strong> </strong></p>}, number={3}, journal={International Journal of Professional Business Review}, author={Al-Hamdooni, Elias Khudair Fanoosh}, year={2023}, month={Mar.}, pages={e0663} }