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Article
Effect of Policy Reforms on DSE Market Efficiency_ERI.pdf
Economics Research International (2011)
  • Md. Mahmudul Alam
Abstract
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 non-parametric test (Kolmogrov-Smirnov normality test and Run test) and parametric test (Auto-correlation test, Auto-regression) has 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.
Keywords
  • Market Efficiency; Random walk model; parametric test; non-parametric test; Dhaka Stock Exchange (DSE); Security Exchange Commission (SEC)
Publication Date
2011
DOI
DOI:10.1155/2011/864940.
Citation Information
Alam, M.M., Yasmin, S., Rahman, M., Uddin, M.G.S. 2011. Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange, Economics Research International, Vol. 2011(1).