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This paper models the impacts of the quality of the institutions, war and macroeconomic factors on stock market development of Sri Lanka over the period of 1990 – 2012 using the co-integration analysis and error correction model. According to the both long run and short run models, war and institutional quality are the most influential negative and positive factors of stock market development respectively. In addition, macroeconomic factors such as capital formation, floating exchange rate regime, inflation, real interest rate, per capita GDP andforeign direct investment also ensure the stock market development in Sri Lanka. Therefore, the current study highly recommended to accommo date the appropriate policies to ensure the quality of the institutions and peaceful environment along with macroeconomic stability.

Do the Quality of Institutions, War and Macroeconomic Factors Matter for Stock Market Development? The Evidence from Sri Lanka