n African Finance Journal - Financial liberalization and stock market efficiency : empirical evidence from an emerging market
|Article Title||Financial liberalization and stock market efficiency : empirical evidence from an emerging market|
|© Publisher:||AfricaGrowth Institute|
|Journal||African Finance Journal|
|Author||Aktham Maghyereh and Ghassan Omet|
|Publication Date||Jan 2002|
|Pages||24 - 35|
This paper examines whether the Amman Stock Exchange has become more weak-form efficient since liberalization in 1997. Using a battery of econometrics tests on daily closing price index data of the market for the pre-liberalization period (January 1993 - May 1997) and the post-liberalization period (June 1997 - December 2000), the paper finds that in spite of the theory suggesting otherwise, market liberalization has not turned around the Amman Stock Exchange to become weak-form efficient.
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