Research Article
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) | | 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 |
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