Efikasnost i otvorenost tržišta u razvoju: Slučaj Jordanskog tržišta kapitala

Translated title of the contribution: Efficiency and openness of emerging markets: The case of the Jordanian capital market

Research output: Contribution to journalArticlepeer-review

Abstract

Since June 1997, foreign investors have been allowed to own up to 100% of the shares of listed companies. This change in the Amman Securities Market's regulation, it is argued, should result in greater efficiency in the pricing of listed shares. Based on a multi-factor model with time varying coefficients and the GARCH-M model, the results show that market liberalization has had no impact on the pricing efficiency of the Jordanian capital market. Based on this empirical finding, a number of practical recommendations that should improve the market's efficiency are recommended.

Translated title of the contributionEfficiency and openness of emerging markets: The case of the Jordanian capital market
Original languageCroatian
Pages (from-to)1-14
Number of pages14
JournalEkonomska Istrazivanja
Volume16
Issue number1
Publication statusPublished - Nov 17 2003
Externally publishedYes

Keywords

  • Financial liberalization
  • Jordanian capital market
  • Multi-factor model
  • Stock market efficiency

ASJC Scopus subject areas

  • Economics and Econometrics

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