RANDOM WALK BEHAVIOR OF EMERGING STOCKS MARKETS: EVIDENCE FROM KARACHI STOCK EXCHANGE

QAMAR Muhammad Rizwan and Ali Nawaz Sheikh
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QAMAR Muhammad Rizwan: National Defence University, Islamabad, Pakistan
Ali Nawaz Sheikh: National Defence University, Islamabad, Pakistan

Studies in Business and Economics, 2014, vol. 9, issue 3, 97-106

Abstract: 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.

Keywords: KSE; Market returns; Weak form efficient market; Unit root test; Runs test (search for similar items in EconPapers)
Date: 2014
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