Regulating the Philippine stock market: the securities regulation code and the information efficiency of Philippine stock prices
Date
2011-10
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Abstract
This paper investigates the impact of the Securities Regulation Code (SRC) on the information efficiency of the Philippine stock prices. Research in other countries has shown that new regulation has had a long-term effect in improving the information efficiency of stock prices. The paper replicates those studies using a sample of 38 stocks drawn from listed Philippine companies for the period 1998-2008. The results show an improvement in information efficiency over the period and the significant impact of the SRC.
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Keywords
Securities regulation, Philippine stock market, Event studies