文章基本信息

标题：RANDOM WALK BEHAVIOR OF EMERGING STOCKS MARKETS: EVIDENCE FROM KARACHI STOCK EXCHANGE
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作者：RIZWAN QAMAR Muhammad ; SHEIKH Ali Nawaz
期刊名称：Studies in Business and Economics
电子版ISSN：2344-5416
出版年度：2014
卷号：9
期号：3
出版社：Lucian Blaga University
摘要：This paper is about the behavioral aspects of capital markets. The research work emphasis on the weak form efficiency of Karachi stock exchange (KSE) which is an emerging stock market of Pakistan. It is researched that investors in KSE gaining abnormal profits or not by using historical prices. For this purpose KSE index data was taken and three econometric tests including Runs test, Unit root and Autocorrelation function test were applied. The results rejected the null hypothesis and concluded that the Karachi stock market is weak form inefficient. The results of this research are in line with the previous studies.
关键词：KSE; Market returns; Weak form efficient market; Unit root test; Runs test