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The Adaptive Market Hypothesis for the Saudi Stock Market: A Sectoral Indices Analysis

Awad Asiri et al.

Review of Pacific Basin Financial Markets and Policies2026https://doi.org/10.1142/s021909152650013xarticle
ABDC B
Weight
0.50

What the paper says

This paper tests the adaptive market hypothesis for the Saudi Arabian stock market. By applying the automatic portmanteau and variance ratio tests, the degree of time-varying return predictability of market and sectoral indices are evaluated, in comparison to that of the oil market. Using daily data from 2010, we find that the Saudi Arabian stock market has been mostly efficient over time, showing a low degree of return predictability. Furthermore, we find that this degree of efficiency is closely related to that of the oil market. However, in contrast to the stock market, the oil market is found to be relatively inefficient with a higher degree of return predictability. Finally, we find that the degree of stock return predictability is partly driven by macroeconomic variables such as inflation and interest rates.

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https://doi.org/https://doi.org/10.1142/s021909152650013x

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@article{awad2026,
  title        = {{The Adaptive Market Hypothesis for the Saudi Stock Market: A Sectoral Indices Analysis}},
  author       = {Awad Asiri et al.},
  journal      = {Review of Pacific Basin Financial Markets and Policies},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1142/s021909152650013x},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.