Informational Efficiency in Developing Equity Markets
The issue of informational efficiency in the evolution of asset prices is examined using data on equity markets in Jordan, Turkey and Pakistan over the period 1986-93. The analysis is carried out in two steps. The parameters of agents' dynamic consumption and investment decisions are first esti...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Washington, D.C
International Monetary Fund
1995
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 95/58 |
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| 520 | 3 | |a The issue of informational efficiency in the evolution of asset prices is examined using data on equity markets in Jordan, Turkey and Pakistan over the period 1986-93. The analysis is carried out in two steps. The parameters of agents' dynamic consumption and investment decisions are first estimated, and then the implied equity market price, based on market fundamentals, is compared with the actual evolution of equity market prices. While the informational efficiency of each of the three markets is found to be deficient, the causes of market inefficiency are varied. For Jordan it appears that a large negative shock to economic activity in the late 1980s caused agents to discount market fundamentals. For Turkey and Pakistan it is likely that institutional and legal rigidities in equity and banking markets resulted in these markets being illiquid, although this lack of market depth did reduce in severity for Turkey over the sample period, as liberalization of financial markets occurred | |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:19Z |
| indexdate | 2024-11-25T18:02:39Z |
| institution | BVB |
| isbn | 1451847815 9781451847819 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033724362 |
| oclc_num | 1337126389 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (30 p) |
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| publishDate | 1995 |
| publishDateSearch | 1995 |
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| publisher | International Monetary Fund |
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| series2 | IMF Working Papers |
| spellingShingle | McDermott, C. John Informational Efficiency in Developing Equity Markets |
| title | Informational Efficiency in Developing Equity Markets |
| title_auth | Informational Efficiency in Developing Equity Markets |
| title_exact_search | Informational Efficiency in Developing Equity Markets |
| title_exact_search_txtP | Informational Efficiency in Developing Equity Markets |
| title_full | Informational Efficiency in Developing Equity Markets McDermott, C. John |
| title_fullStr | Informational Efficiency in Developing Equity Markets McDermott, C. John |
| title_full_unstemmed | Informational Efficiency in Developing Equity Markets McDermott, C. John |
| title_short | Informational Efficiency in Developing Equity Markets |
| title_sort | informational efficiency in developing equity markets |
| url | http://elibrary.imf.org/view/IMF001/03595-9781451847819/03595-9781451847819/03595-9781451847819.xml |
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