Stock Market

Global Journal of Finance and Management
ISSN 0975 - 6477 Volume 1, Number 2 (2009), pp. 149-157
© Research India Publications
http://www.ripublication.com/gjfm.htm
Empirical Evidence on Indian furrow Market
Efficiency in Context of the Global financial Crisis
1P K Mishra, 2K B Das and 3B B Pradhan
1Sr. Lecturer in Economics, Siksha O Anusandhan University, Bhubaneswar, India
Corresponding Author E-mail: pkmishra1974@gmail.com
2Professor, Dept. of A & A Economics, Utkal University, Bhubaneswar, India
E-mail: drkbdas@gmail.com
3Professor and Registrar, Siksha O Anusandhan University, Bhubaneswar, India
E-mail: registrar@soauniversity.ac.in
Abstract
The study of pedigree market readiness has been the objective of many
researches across the globe since the last(a) few decades. But the secernate is
mixed on whether the shop market is efficient. While some studies conclude
that the stock markets are efficient, other studies cast doubt on this conclusion.
Stock market efficiency suggests that stock prices incorporate all relevant
information when that information is quick available and widely
disseminated, which implies that there is no systematic way to operate trading
opport building blockies and acquire excess profits.



In other words, stock prices take place a
random walk which holds that stock price changes are self-sufficing of one
another. This paper is an attempt to provide some empirical evidence on the
efficiency of Indian stock market in the context of recent global financial
crisis. The study by employing the unit root tests on the sample of daily stock
returns, presents the evidence of wan form market inefficiency in India. The
study further examines the soused opposite implication of market inefficiency
and suggests the existence of mean reversion illusion in India.
KEY WORDS: Indian Stock Market, Efficient Market Hypothesis, Random
Walk, Financial Crisis, Mean Reversion.
JEL Classification: C12, C22, C52, G10, G14
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