Behavioural finance perspectives on Malaysian stock market efficiency
This paper provides historical, theoretical, and empirical syntheses in understanding the rationality of investors, stock prices, and stock market efficiency behaviour in the theoretical lenses of behavioural finance paradigm. The inquiry is guided by multidisciplinary behaviouralrelated theories....
| Main Authors: | , |
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| Format: | Article |
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Elsevier
2016
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| Subjects: | |
| Online Access: | http://eprints.usm.my/38387/ |
| _version_ | 1848878455198842880 |
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| author | Tuyon, Jasman Ahmad, Zamri |
| author_facet | Tuyon, Jasman Ahmad, Zamri |
| author_sort | Tuyon, Jasman |
| building | USM Institutional Repository |
| collection | Online Access |
| description | This paper provides historical, theoretical, and empirical syntheses in understanding the rationality of investors, stock prices, and stock
market efficiency behaviour in the theoretical lenses of behavioural finance paradigm. The inquiry is guided by multidisciplinary behaviouralrelated
theories. The analyses employed a long span of Bursa Malaysia stock market data from 1977 to 2014 along the different phases of
economic development and market states. The tests confirmed the presence of asymmetric dynamic behaviour of prices predictability as well as
risk and return relationships across different market states, risk states and quantiles data segments. The efficiency tests show trends of an adaptive
pattern of weak market efficiency across various economic phases and market states. Collectively, these evidences lend support to boundedadaptive
rational of investors' behaviour, dynamic stock price behaviour, and accordingly forming bounded-adaptive market efficiency. |
| first_indexed | 2025-11-15T17:31:36Z |
| format | Article |
| id | usm-38387 |
| institution | Universiti Sains Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-15T17:31:36Z |
| publishDate | 2016 |
| publisher | Elsevier |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | usm-383872018-01-16T06:54:08Z http://eprints.usm.my/38387/ Behavioural finance perspectives on Malaysian stock market efficiency Tuyon, Jasman Ahmad, Zamri HD28-70 Management. Industrial Management This paper provides historical, theoretical, and empirical syntheses in understanding the rationality of investors, stock prices, and stock market efficiency behaviour in the theoretical lenses of behavioural finance paradigm. The inquiry is guided by multidisciplinary behaviouralrelated theories. The analyses employed a long span of Bursa Malaysia stock market data from 1977 to 2014 along the different phases of economic development and market states. The tests confirmed the presence of asymmetric dynamic behaviour of prices predictability as well as risk and return relationships across different market states, risk states and quantiles data segments. The efficiency tests show trends of an adaptive pattern of weak market efficiency across various economic phases and market states. Collectively, these evidences lend support to boundedadaptive rational of investors' behaviour, dynamic stock price behaviour, and accordingly forming bounded-adaptive market efficiency. Elsevier 2016 Article PeerReviewed Tuyon, Jasman and Ahmad, Zamri (2016) Behavioural finance perspectives on Malaysian stock market efficiency. Borsa Istanbul Review, 16 (1). pp. 43-61. ISSN 2214-8450 http://dx.doi.org/10.1016/j.bir.2016.01.001 |
| spellingShingle | HD28-70 Management. Industrial Management Tuyon, Jasman Ahmad, Zamri Behavioural finance perspectives on Malaysian stock market efficiency |
| title | Behavioural finance perspectives on Malaysian stock market efficiency |
| title_full | Behavioural finance perspectives on Malaysian stock market efficiency |
| title_fullStr | Behavioural finance perspectives on Malaysian stock market efficiency |
| title_full_unstemmed | Behavioural finance perspectives on Malaysian stock market efficiency |
| title_short | Behavioural finance perspectives on Malaysian stock market efficiency |
| title_sort | behavioural finance perspectives on malaysian stock market efficiency |
| topic | HD28-70 Management. Industrial Management |
| url | http://eprints.usm.my/38387/ http://eprints.usm.my/38387/ |