Theoretical and Applied Economics
No. 2 / 2026 (647), Summer
Testing the weak form efficiency of green financial markets: A comparative study between developed and developing green financial markets
Abou Bekr Belkaid University of Tlemcen, Algeria
Moussa BENIKHLEF
Abou Bekr Belkaid University of Tlemcen, Algeria
Abstract. This study examines the weak-form efficiency of developed and developing green financial markets using statistical tests, including unit root, autocorrelation, runs, and variance ratio tests. The analysis is based on weekly returns of two indices: the SRI KEHATI Index representing developing markets and the NASDAQ Clean Edge Energy Index representing developed markets. The sample is divided into two sub-periods: January 2, 2017–December 30, 2019, and March 2, 2022–December 30, 2024. Results showed that both markets exhibit weak-form efficiency, implying that abnormal returns cannot be consistently achieved.
Keywords: Green financial markets, Weak-form efficiency, Random Walk, SRI KEHATI Index, NASDAQ Clean Edge Energy Index.
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