The important of security markets to economic development is being increasingly recognized. However, whether these markets aid or hinder development largely depends on their efficiency. This efficiency in turn depends to a great extent on the degree of market thickness (thinness). This paper conducts a number of empirical tests to investigate the price-efficiency of the Kuwaiti stock market, with the specific objective of assessing how important the departures from idealized efficiency are for this less-developed country.
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Gandhi et al. (1980) studied this question.
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