การทดสอบประสิทธิภาพระดับต่ำของตลาดหลักทรัพย์ลาว

Abstract

The test of market efficiency of the Lao Stock Exchange used daily closing price of Banque Pour Le Commerce Exterieur Lao Public and closing price of EDL Generation Public Company. This test covered the period from Jan 11, 2011 to Dec 31, 2013. Dummy variables each representing Tuesday, Wednesday, Thursday, Friday and Tuesday after Monday holidays were employed as independent variables. Daily closing price were utilized as dependent variables. According to the statistically significant level of 10%, none of the closing price of Banque Pour Le Commerce Exterieur Lao Public and closing price of EDL Generation Public Company were affected by independent variables before or after announcement Disclosure Regulation, meaning that day of trading during week had no impact on closing prices in the future, or closing prices in the past and closing prices in the future were unrelated. Hence, results support that the Lao Stock Exchange is a weak-from information efficiency according to the definition of market of efficiency.