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Examining the Efficiency

In: Stock Markets in Islamic Countries

Author

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  • Shaista Arshad

    (University of Nottingham Malaysia Campus)

Abstract

As the primary role of the capital market is to allocate the economy’s resources, the fundamental need for an efficient market arises from the importance of efficient resource allocations, which in turn will help the economy. In light of the efficient market hypothesis (EMH), several studies have been undertaken over the past two decade, but very few have been on the Organization of Islamic Cooperation (OIC). This chapter focuses on analysing the weak-form efficiency of OIC member stock markets to determine their efficiency rankings during different business cycles. The results are indicative of improving efficiency over the past decade.

Suggested Citation

  • Shaista Arshad, 2017. "Examining the Efficiency," Palgrave CIBFR Studies in Islamic Finance, in: Stock Markets in Islamic Countries, chapter 5, pages 63-84, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-319-47803-6_5
    DOI: 10.1007/978-3-319-47803-6_5
    as

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