Özet:

In advanced and developing economies, capital markets play a major role in turning savings into investments. Investors' high profit expectations in capital markets of developing economies have raised curiosity about how they can predict future prices. The aim of this study is to test the effectiveness of 20 stock exchanges in the G-20 countries in a weak form. In line with this objective, with the help of the racial walk model, the G20 countries’ daily index values for the period 01.01.2002-31.12.2018 were implemented variance analysis and unit root tests covering the ADF, PP and KPSS tests. According to the variance rate test, NASDAQ (US) and SESN (India) were not able to show racial walking at the level of 1%, TASI (Saudi Arabia) 5%, and SSEC (China) 10%, and were not effective in a weak form. Other stock exchanges in the work range were found active in a weak form. Also, according to the result of the unit root test conducted, 18's stock exchanges were active in weak form during the analysis period.