Paper Title
Testing The Weak-Form Market Efficiency: The Case of Amman Stock Exchange

Abstract
The study aims to empirically investigate the weak-form market efficiency of Amman Stock Exchange (ASE) as an emerging financial market in the Middle East region. The time series methodology is thoroughly employed to test whether past indices returns can predict future returns. Annual data over the 1980-2015 of the seven indices of ASE were used. The Augmented Dickey-Fuller test (ADF), serial correlation, and Phllip-Perron (P-P) as parametric tests were applied. The results suggest that the ASE is inefficient at the weak-form level as the indices exhibited autocorrelation and stationary behaviour. Besides, result of the regression model of stock indices doesn�t support the random walk model. Keywords� Efficient market hypothesis, weak-form market efficiency, random walk model, serial correlation, runs test, Augmented Ducky Fuller (ADF) test, Amman Stock Exchange (ASE).