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Stock market efficiency: the Pakistan Stock Exchange merger

Author

Listed:
  • Asad Ali
  • Saqib Sharif

Abstract

This study examines the valuation, liquidity, volatility, and efficiency before and after the integration of Islamabad Stock Exchange (ISE) and Lahore Stock Exchange (LSE) with Karachi Stock Exchange (KSE) to form the Pakistan Stock Exchange (PSX). The firm level daily data is analysed to determine the effects of regulatory change. Based on regression analyses, results indicate mixed evidence for different market measures following the integration of domestic bourses. However, the post-integration period in Pakistan is fraught with political turmoil and weak economic indicators. Thus, any improvement that is hypothesised following the merger is offset by poor economic and political factors.

Suggested Citation

  • Asad Ali & Saqib Sharif, 2022. "Stock market efficiency: the Pakistan Stock Exchange merger," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 12(4), pages 455-478.
    • Handle: RePEc:ids:afasfa:v:12:y:2022:i:4:p:455-478
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