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Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange (DSE)

Author

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  • Alam, Md. Mahmudul

    (Universiti Utara Malaysia)

  • Yasmin, Shakila
  • Rahman, Mahmudur
  • Uddin, Gazi Salah

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

Suggested Citation

  • Alam, Md. Mahmudul & Yasmin, Shakila & Rahman, Mahmudur & Uddin, Gazi Salah, 2019. "Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange (DSE)," OSF Preprints m5gsr_v1, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:m5gsr_v1
    DOI: 10.31219/osf.io/m5gsr_v1
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    References listed on IDEAS

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    5. Ainul Islam & Mohammed Khaled, 2005. "Tests of Weak-Form Efficiency of the Dhaka Stock Exchange," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(7-8), pages 1613-1624.
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