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首页> 外文期刊>Research Journal of Finance and Accounting >Do Market Reforms Affect Securities Market Efficiency in Kenya?
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Do Market Reforms Affect Securities Market Efficiency in Kenya?

机译：市场改革会影响肯尼亚的证券市场效率吗？

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Many stock markets in developing countries are thin, suffer from low liquidity and operate within unstable macro-economic environments. To improve their efficiency levels, markets have embarked on implementing a raft of reforms hoped to propel them towards development. Between 2002 and 2006, a series of reforms were undertaken at the Nairobi Securities Exchange (NSE). Whether these reforms have improved the efficiency of the market still remains unknown. The purpose of this study was to examine the impact of capital markets reforms on the efficiency of the NSE. Using data collected on the NSE-20 Share Index and divided into pre-reform period and post-reform period, the monthly index return was computed as the first difference of the logarithmic share Index. Normality tests were performed using skewness, kurtosis and Ryan-Joiner test to assess the distribution of returns. The efficiency of the market was tested using the Non-parametric runs test to uncover any independency of returns. Finally, the Wilcoxon signed rank test was used to determine the impact of reforms on the price discovery process. Results revealed that mean returns in the post-reform period were higher than mean returns in the pre-reform period, though with higher volatility. This was as a result of an improved price discovery process following reforms. The higher volatility in the post-reform is attributable to the automation of the depository and trading systems. The returns were more random in the post-reform period implying that the market had improved in efficiency, providing support for the Adaptive Market Hypothesis. Licensing of more market makers and adoption of a mixed trading system can further improve market efficiency. KEY WORDS: Market Efficiency, Adaptive Efficiency, Market Reforms, Nairobi Securities Exchange
机译：发展中国家的许多股票市场都很薄弱，流动性低，并且在不稳定的宏观经济环境中运作。为了提高效率，市场已着手实施一系列改革，以推动其发展。在2002年至2006年之间，内罗毕证券交易所（NSE）进行了一系列改革。这些改革是否提高了市场效率仍然未知。这项研究的目的是检验资本市场改革对NSE效率的影响。使用在NSE-20股指上收集的数据（分为改革前期和改革后期），将月度指数收益计算为对数份额指数的第一个差异。使用偏度，峰度和Ryan-Joiner检验进行正态检验以评估收益的分布。使用非参数运行测试对市场效率进行了测试，以发现回报的任何独立性。最后，Wilcoxon签署等级检验用于确定改革对价格发现过程的影响。结果表明，改革后时期的平均收益高于改革前时期的平均收益，尽管波动性更高。这是由于改革后价格发现流程得到改善的结果。改革后的较高波动性归因于存管和交易系统的自动化。改革后的时期内收益是随机的，这意味着市场效率有所提高，为适应性市场假说提供了支持。授予更多做市商许可并采用混合交易系统可以进一步提高市场效率。关键词：市场效率，适应性效率，市场改革，内罗毕证券交易所

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