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

Table 4

Nonparametric Statistics (Run Test) of Market Return.

Group Policy	Time Range	Total Number of Runs (Mean)	𝑍	Asymp. Sig. (2-tailed)
Group Policy 1	1/1/1994–23/8/1995	149	−7.06076	0.00000
Group Policy 2	1/1/1994–23/6/1996	211	–8.30394	0.00000
Group Policy 3	1/1/1994–17/2/1997	255	–10.88698	0.00000
Group Policy 4	1/1/1994–23/5/1998	386	–11.10742	0.00000
Group Policy 5	1/1/1994–27/4/1999	489	–11.20018	0.00000
Group Policy 6	1/1/1994–6/12/1999	556	–11.36364	0.00000
Group Policy 7	1/1/1994–17/1/2001	686	–11.50943	0.00000
Group Policy 8	1/1/1994–11/12/2001	786	–11.67586	0.00000
Group Policy 9	1/1/1994–29/3/2002	825	–11.50251	0.00000
Group Policy 10	1/1/1994–15/10/2004	1092	–13.27337	0.00000
Group Policy 11	1/1/1994–31/12/2005	1222	–13.38751	0.00000