Stock Price Behavior in a Less Developed Market: Evidence from Sri Lanka
Journal of Applied Business Research, Vol. 16, No. 02, pp. 15-23, 1999
9 Pages Posted: 15 Feb 2010
Date Written: 1999
Abstract
This study analyzes price behavior of stocks listed in the Colombo Stock Exchange (CSE) in Sri Lanka using daily closing prices of two indices, the All Share Price Index and the Sensitive Price Index, over the period January 1985 through December 1995. Results documented in the current study clearly indicate that the CSE does not conform to the weak-form of the Efficient Market Hypothesis.
Keywords: Efficient Market Hypothesis, Weak-form, Emerging Markets, Sri Lanka, CSE
JEL Classification: F3, G12, G15
Suggested Citation: Suggested Citation
Samarakoon, Lalith P. and Hasan, Tanweer and Hasan, Shahriar, Stock Price Behavior in a Less Developed Market: Evidence from Sri Lanka (1999). Journal of Applied Business Research, Vol. 16, No. 02, pp. 15-23, 1999, Available at SSRN: https://ssrn.com/abstract=1552826
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