Stock market liberalization impact on sectoral stock market return in Malaysia

The stock market liberalization policies announcement dates shows that the liberalization policies were implemented on specific sectors in Malaysia instead of the whole stock market in the country. Therefore, this paper analyses the impact of stock market liberalization on sectoral stock market retu...

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Main Authors: Maniam, Subashini, Chin, Lee
Format: Article
Published: Malaysian Finance Association 2018
Online Access:http://psasir.upm.edu.my/id/eprint/73973/
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spelling my.upm.eprints.739732023-01-12T06:37:33Z http://psasir.upm.edu.my/id/eprint/73973/ Stock market liberalization impact on sectoral stock market return in Malaysia Maniam, Subashini Chin, Lee The stock market liberalization policies announcement dates shows that the liberalization policies were implemented on specific sectors in Malaysia instead of the whole stock market in the country. Therefore, this paper analyses the impact of stock market liberalization on sectoral stock market return in Malaysia, in particular finance sector and service sector. Dynamic Fixed Effect (DFE) method was used to study the stock market liberalization impact on the stock market return while controlling the effects of stock market characteristics, which are stock market size, volatility and liquidity. The results indicate that, in the long run stock market liberalization has positive effect on stock market return only for the service sector, but no significant impact on finance sector’s stock return. Malaysian Finance Association 2018-12-31 Article PeerReviewed Maniam, Subashini and Chin, Lee (2018) Stock market liberalization impact on sectoral stock market return in Malaysia. Capital Markets Review, 26 (2). 21 - 31. ISSN 1823-4445 https://www.mfa.com.my/previous-issues/
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
description The stock market liberalization policies announcement dates shows that the liberalization policies were implemented on specific sectors in Malaysia instead of the whole stock market in the country. Therefore, this paper analyses the impact of stock market liberalization on sectoral stock market return in Malaysia, in particular finance sector and service sector. Dynamic Fixed Effect (DFE) method was used to study the stock market liberalization impact on the stock market return while controlling the effects of stock market characteristics, which are stock market size, volatility and liquidity. The results indicate that, in the long run stock market liberalization has positive effect on stock market return only for the service sector, but no significant impact on finance sector’s stock return.
format Article
author Maniam, Subashini
Chin, Lee
spellingShingle Maniam, Subashini
Chin, Lee
Stock market liberalization impact on sectoral stock market return in Malaysia
author_facet Maniam, Subashini
Chin, Lee
author_sort Maniam, Subashini
title Stock market liberalization impact on sectoral stock market return in Malaysia
title_short Stock market liberalization impact on sectoral stock market return in Malaysia
title_full Stock market liberalization impact on sectoral stock market return in Malaysia
title_fullStr Stock market liberalization impact on sectoral stock market return in Malaysia
title_full_unstemmed Stock market liberalization impact on sectoral stock market return in Malaysia
title_sort stock market liberalization impact on sectoral stock market return in malaysia
publisher Malaysian Finance Association
publishDate 2018
url http://psasir.upm.edu.my/id/eprint/73973/
https://www.mfa.com.my/previous-issues/
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score 13.154949