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Investigating stock market efficiency: a look at OIC member countries

Arshad, Shaista and Rizvi, Syed Aun Raza and Mat Ghani, Gairuzazmi and Duasa, Jarita (2016) Investigating stock market efficiency: a look at OIC member countries. Research in International Business and Finance, 36. pp. 402-413. ISSN 0275-5319

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Abstract

The tremendous growth of emerging and developing markets bring forth new arenas ofresearch. One such area is the efficiency of stock markets. In light of the Efficient Mar-ket Hypothesis (EMH) several studies have been undertaken over the past two decade,with much focus being on developed markets and certain developing countries. However,a dearth in literature is seen for this niche on Organization of Islamic Conference (OIC)member countries. Following the recent global crisis, attention on emerging and develop-ing markets have increased tremendously, questioning whether these countries’ market areapt in withstanding influxes of capital without crashing. The OIC despite its global presenceand potential has often been criticized about its stock markets, which are marred by under-development and illiquidity. This paper focuses on analysing the weak-form efficiency ofOIC member stock markets to determine their efficiency rankings during different business cycles. Our results are indicative of improving efficiency over the past decade.

Item Type: Article (Journal)
Additional Information: 2565/48068
Uncontrolled Keywords: Efficiency; MF-DFA; OIC; Stock markets; Emerging markets
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HA Statistics
H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
Kulliyyahs/Centres/Divisions/Institutes: Institute of Islamic Banking & Finance (IIiBF)
Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User: Prof. Dr. Jarita Duasa
Date Deposited: 24 Feb 2016 09:43
Last Modified: 22 Dec 2016 16:10
URI: http://irep.iium.edu.my/id/eprint/48068

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