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

Alam, M.M., Yasmin, S., Rahman, M., Uddin, M.G.S. 2011. Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange. Economics Research International, 2011(1).

Posted: 28 Mar 2017 Last revised: 19 Apr 2017

See all articles by Md. Mahmudul Alam

Md. Mahmudul Alam

Universiti Utara Malaysia

Shakila Yasmin

University of Dhaka - Institute of Business Administration

Mahmudur Rahman

Independent

Gazi Uddin

Presidency University

Date Written: 2011

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.

Keywords: Market Efficiency; Random walk model; parametric test; non-parametric test; Dhaka Stock Exchange (DSE); Security Exchange Commission (SEC)

JEL Classification: G14, G18

Suggested Citation

Alam, Md. Mahmudul and Yasmin, Shakila and Rahman, Mahmudur and Uddin, Gazi, Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange (2011). Alam, M.M., Yasmin, S., Rahman, M., Uddin, M.G.S. 2011. Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange. Economics Research International, 2011(1).. Available at SSRN: https://ssrn.com/abstract=2941337

Md. Mahmudul Alam (Contact Author)

Universiti Utara Malaysia ( email )

Sintok, Kedah
Malaysia

Shakila Yasmin

University of Dhaka - Institute of Business Administration ( email )

University of Dhaka
Dhaka, 1000
Bangladesh

Mahmudur Rahman

Independent ( email )

No Address Available

Gazi Uddin

Presidency University ( email )

86/1 College Street
Kolkata, West Bengal 700073
India

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