Testing the weak-form market efficiency and the day of the week effects of some African countries

The aims of this work are twofold. On the one hand, it aims to find evidence supporting the presence of the weak form efficiency of several emerging African stock markets by using both parametric as well as non parametric tests. The results indicate that none of the markets are characterised by random walks with the exception of the South African stock market. On the other hand, this study aims to detect the presence of the day of the week effects of these African stock markets. Results show the existence of day of the week effects, that is the typical negative Monday and Friday positive effects in several stock markets.

Sustainable freight: impacts of the London congestion charge and low emissions zone

This paper assesses whether two sustainability policies currently in effect in London, a congestion charge zone and a low emission zone, have affected freight operations and reduced vehicle kilometers travelled. It investigates responses by freight operators, including re-timing, re-routing, or reducing the number of trips, or replacing vehicles. Freight traffic trends from 1994 to 2012 were identified using road traffic estimates, cordon counts, and vehicle speed data and supplemented by interviews with freight industry experts and operators. Findings indicate that freight traffic increased throughout London during this timeframe, but declined in the central boroughs partly within the congestion charge zone. The congestion charge may have time-shifted some light goods trips, but most freight trips face a variety of constraints on operators’ delivery window. No evidence was found of re-routing of freight traffic or avoidance traffic around the charged zone. The low emission zone spurred higher levels of operational change than the congestion charge zone, and it was effective at spurring freight vehicle replacement. The paper also discusses freight operators’ perceptions of these policies and how they could be improved.