Abstract
Since June 1997, foreign investors have been allowed to own up to 100% of the shares of listed companies. This change in the Amman Securities Market's regulation, it is argued, should result in greater efficiency in the pricing of listed shares. Based on a multi-factor model with time varying coefficients and the GARCH-M model, the results show that market liberalization has had no impact on the pricing efficiency of the Jordanian capital market. Based on this empirical finding, a number of practical recommendations that should improve the market's efficiency are recommended.
| Translated title of the contribution | Efficiency and openness of emerging markets: The case of the Jordanian capital market |
|---|---|
| Original language | Croatian |
| Pages (from-to) | 1-14 |
| Number of pages | 14 |
| Journal | Ekonomska Istrazivanja |
| Volume | 16 |
| Issue number | 1 |
| Publication status | Published - 2003 |
| Externally published | Yes |
Keywords
- Financial liberalization
- Jordanian capital market
- Multi-factor model
- Stock market efficiency
ASJC Scopus subject areas
- Economics and Econometrics