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دانلود رایکان مقاله انگلیسی ISI با موضوع آزاد کردن مالی و راندمان بازار های سهام

عنوان فارسی مقاله:

آزاد کردن مالی و راندمان بازار های سهام: سند جدید از اقتصاد های در حال ظهور

عنوان انگلیسی مقاله:

Financial liberalization and stock markets efficiency: New evidence from emerging economies

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بخشی از مقاله انگلیسی :

2. Literature review

Since the 1980s, the financial literature has sought to study the impact of financial liberalization on many aspects of emerging markets finance. The direct impact of financial liberalization on informational efficiency and the impact of liberalization on financial crises have been treated separately. A rigorous analysis of the interaction between financial liberalization, informational efficiency and financial crises is recommended in order to determine the real effect of financial liberalization on the informational efficiency. In this literature review, we present the empirical studies that dealt with these issues.

2.1. Financial liberalization and weak form informational efficiency

Many Studies have been conducted to examine the effects of financial liberalization on the informational efficiency in emerging markets. Most of them tests two types of hypotheses, namely the serial dependence of returns and the random walk, on two sub-periods: before and after financial liberalization. The financial liberalization effect is often assessed by comparing the empirical results over the two sub-periods, which might provide inconclusive or contradictory results.