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

Table 3

Nonparametric Statistics (𝐾-𝑆 Test for Uniform 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	0.33924	0.33924	−0.32016	7.24416	0.00000
Group Policy 2	1/1/1994–23/6/1996	0.34735	0.34735	−0.32290	8.80106	0.00000
Group Policy 3	1/1/1994–17/2/1997	0.41315	0.41315	−0.28339	11.88833	0.00000
Group Policy 4	1/1/1994–23/5/1998	0.39744	0.39744	−0.24489	13.46025	0.00000
Group Policy 5	1/1/1994–27/4/1999	0.34807	0.34807	−0.33572	13.00963	0.00000
Group Policy 6	1/1/1994–6/12/1999	0.35326	0.35326	−0.34117	13.95699	0.00000
Group Policy 7	1/1/1994–17/1/2001	0.35991	0.35991	−0.35009	15.55971	0.00000
Group Policy 8	1/1/1994–11/12/2001	0.60220	0.60220	−0.19395	27.66833	0.00000
Group Policy 9	1/1/1994–29/3/2002	0.60347	0.60347	−0.19487	28.24733	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	0.61217	0.61217	−0.20126	34.66179	0.00000