Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange

Table 2

Nonparametric Statistics (𝐾-𝑆 Test for Normal Parameters) of Market Return.

Group Policy	Time Range	Absolute	Positive	Negative	𝐾-𝑆 𝑍	𝑍-Tailed 𝑃
Group Policy 1	1/1/1994–23/8/1995	0.15138	0.15138	−0.11955	3.23265	0.00000
Group Policy 2	1/1/1994–23/6/1996	0.12724	0.12724	−0.11377	3.22392	0.00000
Group Policy 3	1/1/1994–17/2/1997	0.14962	0.14962	−0.14757	4.30541	0.00000
Group Policy 4	1/1/1994–23/5/1998	0.13705	0.13705	−0.12388	4.64162	0.00000
Group Policy 5	1/1/1994–27/4/1999	0.14721	0.14721	−0.12555	5.50215	0.00000
Group Policy 6	1/1/1994–6/12/1999	0.14980	0.14980	−0.13060	5.91844	0.00000
Group Policy 7	1/1/1994–17/1/2001	0.15437	0.15437	−0.13668	6.67380	0.00000
Group Policy 8	1/1/1994–11/12/2001	0.15772	0.15772	−0.13890	7.24664	0.00000
Group Policy 9	1/1/1994–29/3/2002	0.15671	0.15671	−0.13676	7.33512	0.00000
Group Policy 10	1/1/1994–15/10/2004	0.15051	0.15051	−0.13672	8.11380	0.00000
Group Policy 11	1/1/1994–31/12/2005	0.14196	0.14196	−0.13174	8.03809	0.00000