{"id":"https://openalex.org/W2138545127","doi":"https://doi.org/10.35536/lje.2007.v12.i1.a6","title":"Testing for Market Efficiency in Emerging Markets: A Case Study of the Karachi Stock Market","display_name":"Testing for Market Efficiency in Emerging Markets: A Case Study of the Karachi Stock Market","publication_year":2007,"publication_date":"2007-01-01","ids":{"openalex":"https://openalex.org/W2138545127","doi":"https://doi.org/10.35536/lje.2007.v12.i1.a6","mag":"2138545127"},"language":"en","primary_location":{"id":"doi:10.35536/lje.2007.v12.i1.a6","doi":"https://doi.org/10.35536/lje.2007.v12.i1.a6","is_oa":true,"landing_page_url":"https://doi.org/10.35536/lje.2007.v12.i1.a6","pdf_url":"https://doi.org/10.35536/lje.2007.v12.i1.a6","source":{"id":"https://openalex.org/S124152463","display_name":"The Lahore journal of economics","issn_l":"1811-5438","issn":["1811-5438","1811-5446"],"is_oa":false,"is_in_doaj":true,"is_core":false,"listed_in":["abdc-c","doaj"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"THE LAHORE JOURNAL OF ECONOMICS","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"https://doi.org/10.35536/lje.2007.v12.i1.a6","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5082881424","display_name":"Khalid Mustafav","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I134784518","display_name":"Institute of Business Administration Karachi","ror":"https://ror.org/03egfpm06","country_code":"PK","type":"education","lineage":["https://openalex.org/I134784518"]},{"id":"https://openalex.org/I193670377","display_name":"University of Karachi","ror":"https://ror.org/05bbbc791","country_code":"PK","type":"education","lineage":["https://openalex.org/I193670377"]}],"countries":["PK"],"is_corresponding":false,"raw_author_name":"Khalid Mustafav","raw_affiliation_strings":["Assistant Professor, Department of Economics, University of Karachi","PhD, Professor and Chairman, Finance and Economics, Institute of Business Administration, Karachi"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Assistant Professor, Department of Economics, University of Karachi","institution_ids":["https://openalex.org/I193670377"]},{"raw_affiliation_string":"PhD, Professor and Chairman, Finance and Economics, Institute of Business Administration, Karachi","institution_ids":["https://openalex.org/I134784518"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5070258058","display_name":"Mohammed Nishat","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Mohammedv Nishat","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.766,"has_fulltext":true,"cited_by_count":26,"citation_normalized_percentile":{"value":0.895059,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"12","issue":"1","first_page":"119","last_page":"140"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11326","display_name":"Stock Market Forecasting Methods","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.9779999852180481},{"id":"https://openalex.org/keywords/karachi-stock-exchange","display_name":"Karachi Stock Exchange","score":0.9779999852180481},{"id":"https://openalex.org/keywords/emerging-stock-markets","display_name":"emerging stock markets","score":0.9200000166893005},{"id":"https://openalex.org/keywords/thin-trading","display_name":"thin trading","score":0.824999988079071},{"id":"https://openalex.org/keywords/nonlinearity","display_name":"nonlinearity","score":0.7310000061988831},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.37599998712539673}],"concepts":[{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.6594340801239014},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6031018495559692},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5658601522445679},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5532898306846619},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4734480082988739},{"id":"https://openalex.org/C2985330422","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Market efficiency","level":2,"score":0.4731769859790802},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3711279630661011},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.11587753891944885},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.09848597645759583},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.35536/lje.2007.v12.i1.a6","doi":"https://doi.org/10.35536/lje.2007.v12.i1.a6","is_oa":true,"landing_page_url":"https://doi.org/10.35536/lje.2007.v12.i1.a6","pdf_url":"https://doi.org/10.35536/lje.2007.v12.i1.a6","source":{"id":"https://openalex.org/S124152463","display_name":"The Lahore journal of economics","issn_l":"1811-5438","issn":["1811-5438","1811-5446"],"is_oa":false,"is_in_doaj":true,"is_core":false,"listed_in":["abdc-c","doaj"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"THE LAHORE JOURNAL OF ECONOMICS","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.35536/lje.2007.v12.i1.a6","doi":"https://doi.org/10.35536/lje.2007.v12.i1.a6","is_oa":true,"landing_page_url":"https://doi.org/10.35536/lje.2007.v12.i1.a6","pdf_url":"https://doi.org/10.35536/lje.2007.v12.i1.a6","source":{"id":"https://openalex.org/S124152463","display_name":"The Lahore journal of economics","issn_l":"1811-5438","issn":["1811-5438","1811-5446"],"is_oa":false,"is_in_doaj":true,"is_core":false,"listed_in":["abdc-c","doaj"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"THE LAHORE JOURNAL OF ECONOMICS","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2138545127.pdf","grobid_xml":"https://content.openalex.org/works/W2138545127.grobid-xml"},"referenced_works_count":29,"referenced_works":["https://openalex.org/W969816416","https://openalex.org/W1758318807","https://openalex.org/W1841198434","https://openalex.org/W1971431995","https://openalex.org/W1974888258","https://openalex.org/W1977145788","https://openalex.org/W1984272629","https://openalex.org/W2000211887","https://openalex.org/W2005963395","https://openalex.org/W2026712034","https://openalex.org/W2029005779","https://openalex.org/W2043619364","https://openalex.org/W2046679891","https://openalex.org/W2065543902","https://openalex.org/W2082760421","https://openalex.org/W2094385112","https://openalex.org/W2110942893","https://openalex.org/W2127120472","https://openalex.org/W2129537689","https://openalex.org/W2148161802","https://openalex.org/W2166452437","https://openalex.org/W2168261877","https://openalex.org/W2319031802","https://openalex.org/W2886458147","https://openalex.org/W3023376117","https://openalex.org/W3121464520","https://openalex.org/W3143808679","https://openalex.org/W4285719527","https://openalex.org/W6673737569"],"related_works":["https://openalex.org/W1727787481","https://openalex.org/W4205961603","https://openalex.org/W2181336844","https://openalex.org/W7048801297","https://openalex.org/W2185702187","https://openalex.org/W2087905817","https://openalex.org/W2610638845","https://openalex.org/W7024307814","https://openalex.org/W3217678820","https://openalex.org/W1786898489"],"abstract_inverted_index":{"This":[0],"paper":[1],"investigates":[2],"the":[3,6,76,83,86,90,110,126],"efficiency":[4,111],"of":[5],"Karachi":[7,77],"stock":[8,32],"exchange":[9],"(KSE)":[10],"with":[11,43],"corrections":[12],"for":[13,82,101,122],"thin":[14,102,123],"trading":[15,124],"and":[16,23,28,57,63,89,95,117],"non-linearity":[17],"as":[18],"suggested":[19],"by":[20],"Miller,":[21],"Muthuswamy":[22],"Whaley":[24],"(1994).":[25],"Daily,":[26],"weekly,":[27],"monthly":[29,118],"data":[30,119],"on":[31,115],"prices":[33],"from":[34],"December":[35],"1991":[36,48],"to":[37,49,54,60,69],"May":[38,50,52,61,70],"2003":[39],"have":[40],"been":[41],"used,":[42],"three":[44,87],"non-overlapping":[45],"periods":[46],"(December":[47],"1998;":[51],"1998":[53,68],"September":[55,58],"2001;":[56],"2001":[59],"2003)":[62],"one":[64],"combined":[65,91],"period":[66,92],"(May":[67],"2003).":[71],"The":[72,104],"results":[73],"indicate":[74],"that":[75],"Stock":[78],"Market":[79],"is":[80,107,113],"efficient":[81],"overall":[84,127],"period,":[85],"sub-periods,":[88],"in":[93],"linear":[94],"non-linear":[96],"behavior":[97],"after":[98,120],"making":[99],"adjustments":[100],"trading.":[103],"same":[105],"result":[106],"observed":[108],"when":[109],"test":[112],"conducted":[114],"weekly":[116],"adjusting":[121],"during":[125],"study":[128],"period.":[129]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":3}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}