文章基本信息

标题：Capital Market of Bangladesh: Volatility in the Dhaka Stock Exchange (DSE) and Role of Regulators
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作者：Md. Tariqur Rahman ; Khondker Golam Moazzem
期刊名称：International Journal of Business and Management
印刷版ISSN：1833-3850
电子版ISSN：1833-8119
出版年度：2011
卷号：6
期号：7
页码：86
DOI：10.5539/ijbm.v6n7p86
出版社：Canadian Center of Science and Education
摘要：Over the last few years, the capital market of Bangladesh has witnessed a haughty growth which is not in line of development in the real sector of the economy. Although, the Securities and Exchange Commission (SEC) of Bangladesh has tried to correct the irregular behavior observed in the market, very often it is argued that lack of proper and firm decisions from the regulator’s side has contributed to make the market more unstable rather than to reduce it. The paper attempts to identify the casual relationship between the observed volatility in the country’s major bourses namely the Dhaka Stock Exchange (DSE) and the regulatory decisions taken by the SEC empirically. Using Vector Auto-regressive (VAR), statistically highly significant relationship was found between decisions taken by the regulatory authority and market volatility, although the direction of causality is in reverse order than theoretically and empirically expected. Again, though the number of decisions taken by the SEC immediately, with longer time the response was in opposite direction than expected.