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|Title: ||Weak form efficiency and factors leading to market efficiency in the Kuwait stock market|
|Authors: ||Al-Shamali, Mansour|
|Keywords: ||International commerce|
|Issue Date: ||1989|
|Publisher: ||© Mansour Al-Shamali|
|Abstract: ||A small stock market may be less efficient in the weak sense than
a large one, because it is often less elaborately organised
technically. Hence, information about stock price formation may
spread only gradually through the financial community.
Consequontly, stock prices may display e greeter degree of nonrandomness
because traders are unable to eliminate this.
The objective of the study is to test the weak form efficiency in
Kuwait Stock Exchange, a segment of the Kuwait Long Term capital
market. In addition, the study explores the impact of several.
factors on market efficiency.
In Chapter One the role of the stock market and its relationship
to the economy will be discussed. The efficient market hypothesis
is explored in Chapter Two.
Chapter Three is devoted to surveying the empirical findings of
other researchers in UK, USA and some other international
markets. A number of authors have applied the efficient market
hypothesis to actual stock market data, especially in the last
twenty years. Some critical analyses are discussed in Chapter
Four. The empirical question of the relations between market
efficiency and stock valuation is explored in Chapter Five. An
efficient market should price the security, so as to fully
reflect the firms earning power. The uncertainty surrounding the
stream of future income clouds this issue and has prompted debate
among economists and financial analysts as to how the market
values a given stock at any time.
The characteristic of Kuwait Stock Exchange are the subject of
Chapter Six. Chapter Seven presents empirical findings on the
behaviour of Kuwait Stock Exchange in the context of efficient
market theory. These findings will be compared with those
related studies based on data from the United States and Europe.
Chapter Eight will discuss the Kuwait Gulf Stock Exchange (over-the-
counter market) or Al-Manakh. The 1982 crash of Al-Manakh is
explored in depth in Chapter Nine and some of the important
solutions will be discussed.
In Chapter Ten the discussion Focusses on the three hypothesised
Factors leading to market efficiency (market information,
governmental rules and regulations, and market support
Finally, in Chapter Eleven, general conclusions are drawn and
recommendations presented with suggestions for further research.|
|Description: ||A Doctoral Thesis. Submitted in partial fulfillment of the requirements for the award of Doctor of Philosophy of Loughborough University.|
|Appears in Collections:||PhD Theses (Economics)|
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