هدفت هذه الدراسة إلى اختبار الكفاءة السعرية التي اقترحها فاما عام 1976 م في سوق دمشق للأوراق المالية عند المستوى الضعيف؛ و ذلك لأنه إذا لم يجرِ إثبات دليل يدعم المستوى الضعيف من الكفاءة فليس من الضروري اختبار الكفاءة على المستوى الأوسع سواء شبه القوي أو القوي. و قد استُخدِم اختبارا الارتباط المتسلسل و جذر الوحدة بالاعتماد على اختبار أكيمنتد ديكي فولر المطور و المقترح من قبل ( Engle and Granger ( 1987, لاختبار كفاءة سوق دمشق للأوراق المالية . شملت عينة الدراسة قيم مؤشر سوق دمشق للأوراق المالية من كانون الثاني 2010 حتى حزيران 2011 . و من أهم النتائج التي تم التوصل إليها في هذه الدراسة أن تحركات أسعار الأسهم غير عشوائية، و من ثم فأنه يمكننا القول: إن سوق دمشق للأوراق المالية غير كفء عند المستوى الضعيف.
This paper aims to test the pricing efficiency, suggested by Fama (1976), at
Damascus Stock exchange at its lowest level because the absence of any evidence
to support the lowest level of efficiency will automatically means that the stock
exchange will not be efficient on the semi-strong and strong forms of efficiency.
Two tests are applied to test Damascus Stock exchange efficiency; The
autocorrelation test and Augmented Dickey-Fuller test suggested by Engle and
Granger (1987). The study sample covers the period from January 2010 to June
2011. The paper finds that stock prices movements are not stationary and hence
suggests that Damascus Stock exchange is not efficient according to the weakform
of market efficiency.
References used
Blasco, N., Del Rio,C. and Rafael, S. (1997). The Random Walk Hypothesis in the Spanish Stock Market. Journal of Business Finance and Accounting, 24(5), pp:667- 683
حردان، طاهر. ( 1997 ). مبادئ الاستثمار. دار المستقبل للنشر و التوزيع.
حماد، طارق. ( 2000 ). دليل المستثمر إلى بورصة الأوراق المالية. الدار الجامعية، للطباعة والنشر والتوزيع.
This study sought to investigate the effect of price limits on the
volatility of stock returns on the Damascus Stock Exchange. Where
the study period divided into two periods the first test period
3/3/2009 and until 23/6/2011, the second test period 13/2/2011 until
30/3/2017. Using the model (1,1) GARCH.
This study aimed to test the effect of fluctuations in the exchange rates of the Syrian pound on the values of the shares of the 22 joint stock companies listed in the Damascus Securities Exchange. The four main currencies that make up the basket of
The research examines the Capital Asset Pricing Model
(CAPM) in Damascus Stock Exchange (DSE), by using the
monthly excess returns of (8) companies listed in (DSE), for the
period of (2010-2013), and the monthly excess return of (DSE)
index (DWX)
This study aims at investigating the impact of the expansion of price
limits on the volatility of Damascus Securities Exchange, by
comparing the fluctuations of the market under three different price
limits systems, since the opening of the market
The stock markets are considered the essential motives of the economic growth in any country because of its importance in transforming negative savings (compactness) to a positive savings which benefit both the local economy and the capital's owner;