Open Access
Subscription Access
Open Access
Subscription Access
Information Arrivals, Stock Price Variability and Market Efficiency in Indian Stock Market
Subscribe/Renew Journal
The present paper examines whether the Indian stock market is an efficient processor of macro information or not. The data used are the monthly RBI share price indices of all India, Bombay, Calcutta, Madras, Ahmedabad and Delhi during the period 1981-84 to 1994-95. The causality framework is employed to ascertain whether share price variability can explain the arrival of macro information such, as money supply, income and price level. The results of Granger (1969) and Geweke, Meese and Dent (1983) tests show mixed evidences i.e., while the regional stock markets are efficient in processing money supply, they are not efficient in processing the other two macro variables.
Subscription
Login to verify subscription
User
Font Size
Information
Abstract Views: 437
PDF Views: 1