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

See all articles by Lalith P. Samarakoon

Lalith P. Samarakoon

University of St. Thomas

Tanweer Hasan

Roosevelt University

Shahriar Hasan

Thompson Rivers University

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

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

Lalith P. Samarakoon (Contact Author)

University of St. Thomas ( email )

2115 Summit Ave
St. Paul, MN 55105
United States

HOME PAGE: http://www.lalithsamarakoon.com

Tanweer Hasan

Roosevelt University ( email )

Chicago, IL 60605
United States

Shahriar Hasan

Thompson Rivers University ( email )

900 McGill Road
IB2008
Kamloops, BC V2C 5N3
Canada

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