The role of financial intermediation in the mobilization of resources and provision of linkage between borrowers and lenders has continued to gain prominence in academia, business and even in politics. Finance theory proposes that depending on the level of market efficiency, knowledge of past market fundamentals and stock prices may be valueless. The main objective of this investigation was to analyze the ability of forecasting equity returns for companies listed at the Nairobi Securities Exchange over 10-year period (2008-2018) using the Nairobi All Share Index. The study was based on independent variables of stationarised tax and a one lag period autoregression of equity returns. Download
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