Open AccessEffect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange
Author(s) -
Md. Mahmudul Alam,
Shakila Yasmin,
Mahmudur Rahman,
Md. Gazi Salah Uddin
Publication year - 2011
Publication title -
economics research international
Language(s) - English
Resource type - Journals
eISSN - 2090-2123
pISSN - 2090-2131
DOI - 10.1155/2011/864940
Subject(s) - nonparametric statistics , normality , economics , stock exchange , econometrics , normality test , autocorrelation , stock market , test (biology) , stock (firearms) , structural break , market efficiency , monetary economics , financial economics , statistical hypothesis testing , statistics , mathematics , finance , mechanical engineering , paleontology , horse , engineering , biology
The paper tries to find evidence supporting the impact of continuous policy reforms on the market efficiency on the Dhaka Stock Exchange (DSE). Different policies formed/reformed from 1994 to 2005 were categorized in eleven groups depending on their time of issue and subject matter. To get the result, both nonparametric test (Kolmogrov-Smirnov normality test and run test) and parametric test (autocorrelation test, autoregression) have been performed. Analyses were done for each policy group, and it is found that formed/reformed policies for DSE during the study period failed to improve the market efficiency even in the weak form level
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