Abstract
Telecommunications industrial models are discussed in this paper as a background for the analysis of the stock market efficiency and performance of telecommunications industry in the Gulf Cooperating Countries (GCC). The issue is whether industrial efficiency drives market efficiency or vice versa. Though GCC telecommunications companies are publicly listed, ownership is largely by government, the markets are not fully open to foreign investment and the shares are thinly traded. Serial correlation, cointegration and causality analysis of market data demonstrate a lack of weak and semi-strong form efficiency. It is posited that efficient industrial models involving competitive privatisation and appropriate regulation can only be introduced if the market in telecommunications shares is made more efficient through appropriate macro and micro economic reforms that transcend traditional, cultural and religious factors.
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