Determinants of Stock Prices in the Context of Dhaka Stock Exchange (DSE), Bangladesh Abstract This study aims to examine the relationships between macroeconomic factors, remittances, price-to-earnings ratios, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh. Correlational study will be used to explore the relationships between proposed variables. Secondary sources will be used to collect secondary data related to proposed variables on 30 DSE enlisted companies.Only few, selected number of variables will be used in determining the movements in stock prices instead of all of the potential variables. This study will provide important sights into the stock market in the present highly price volatile, unstable stock market of Bangladesh.

Keywords: Industrial Production, Exchange Rates, Money Supply, Consumer Price Index, Interest Rates, Remittances, Price-to-Earnings Ratios, Stock Prices, and Stock Market Bubble. IntroductionThe stock market plays a significant role in mobilizing savings to increase the volume of investments, and this eventually increases the economy’s capacity for growth in terms of an increase in goods and services. A stock market is a public market for trading of stocks of the companies and is one of the main sources for companies to raise additional capital by issuing shares in the public market. Stock exchanges “, such as – Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE)” are the major players in the stock market and stocks of different organizations are listed and traded on these stock exchanges.

Bangladesh has two stock exchanges; Dhaka Stock Exchange (DSE), and Chittagong Stock Exchange (CSE); and each has its own self-regulated, private sector entity which must have its operating rules approved by the Security Exchange Commission (SEC). In recent years, the stock market of Bangladesh became a real alternative to mobilize funds for investments due to positive developments in this sector, and firms in this continent is moving away from the traditional dependence on the banking system (Mansur, 2010).This study will investigate the relationships between macroeconomic factors, remittances, price-to-earnings ratios, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh. Earlier research, which will be extended by the researchers of this study, focused only on examining the relationships between macroeconomic factors; and stock prices in Cyprus (Tsoukalas, 2003).The present study differs from the previous study (Tsoukalas, 2003) by adding remittances, and price-to-earnings ratios to the previous framework to find out the individual relationships between variables. Background of Dhaka Stock Exchange Ltd. (DSE) The Dhaka Stock Exchange Limited (DSE) was incorporated in 1954 as East Pakistan Association Limited under the Companies Act, 1913, and was started formal trading in 1956 at Narayanganj after obtaining the certificates of commencement of business.

In 1962, the East Pakistan Association Limited became public limited company, and the name was revised to East Pakistan Stock Exchange Ltd. But again the name of East Pakistan Stock Exchange Ltd. was changed to Dhaka Stock Exchange Ltd.

in 1964. Currently, the Dhaka Stock Exchange (DSE) is registered as a public limited company and its activities are regulated by its Articles of Association rules & regulations; bye-laws along with the Securities and Exchange ordinance, 1969; Companies Act, 1994; and Securities & Exchange Commission Act, 1993.The major functions of Dhaka Stock Exchanges are- listing of companies, providing the screen based automated trading of listed Securities, settlement of trading, monitoring the activities of listed companies, market Administration & Control, announcement of Price sensitive or other information about listed companies through online, and so on.

DSE has three major indices to reflect market behavior namely DSE All Share Price Index, DSE General Index, and DSE-20 Index. The company reintroduced All Share Price Index (DSI) on 28th march, 2005.All Share Price Index, DSI, records the prices of all of the listed companies on the Dhaka Stock Exchange (DSE). Statement of the Problem The researchers want to investigate the reasons behind mispriced stocks, speculative transactions, and unstable stock market “,characteristics of a stock market bubble” in terms of prices, turnover, & volatility through exploring the relationships between the proposed determinants of stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh.Excessive demand manifested through weak correlation between economic values and prices, high price volatility, acceleration in margin lending for stock market investment, narrow market leadership, inconsistent signals from the regulatory regimes- the common characteristics that are generally associated with a stock market bubble episode are also visible in several ways in Bangladesh today (Mansur, 2010).

There have been growing concerns from a number of capital market observers that the Bangladesh stock market is becoming a “bubble” (Islam, 2010).Many Bangladeshi companies that have no growth or profitability and they are not even paying dividends, but their share prices are rising every day (Anonymous, 2010). Addition to that, the Security Exchange Commission (SEC) has been sending mixed signals about market developments and had taken number of steps to contain inflow of funds into the overheated market and help it calm down, including tightening of conditions margin loans (Mansur, 2010).Although a sharp rise in stock prices does not necessarily mean formation of a bubble, sometimes stock prices may rise sharply across the board when some things change fundamentally in the economy or in the economic outlook (Mansur, 2010). According to Rahman (2010), Bangladesh Bank’s expansionary monetary stance, an undervalued taka, and strong remittance inflows fuelling a reserve surge awash the economy with liquidity and it is quiet likely that the liquidity is fuelling the bubbles in the stock market.In another study, anonymous (2010) pointed out that a dearth of new shares is the main reason for the current bullish trend, as the demand for shares is on the rise, and the supply can’t match the huge demand.

Ahmed (2010) also believed that the recent stock market frenzy in Bangladesh is more of a reflection of excess demand and speculative behavior fueled by excessive liquidity, hopes of windfall gains, inadequate information about true value and risk, and a very thin market. The researchers will use correlational research design to investigate the relationships between measured variables and will recommend solutions to identified problems.Purpose of the Study The purpose of the study is to examine the relationships between macroeconomic factors “, such as- industrial production (IP), exchange rates (XR), money supply (excluding remittances) {MS}, consumer price index (CPI), and interest rates (IR)”, remittances (R), price-to-earnings ratios (PE), and stock prices (SP) in the context Dhaka Stock Exchange (DSE) in Bangladesh. The researchers’ interest in this topic arose from the study (Tsoukalas, 2003) on the relationships between macroeconomic factors, and stock prices in Cyprus.There is a large amount of studies with evidence that stock prices are predictable from fundamental variables “, such as- the money supply, and Gross Domestic Product (GDP)”; and other studies also found that stock prices are predictable form a common set of stock market variables, and the term structure of interest rates (Tsoukalas, 2003). In contrast, the Bangladeshi stock market is overheated due to excess liquidity in the economy (Chowdhury, 2010).

A strong remittance inflows into the economy awash the economy with liquidity, it is quiet likely that this excess liquidity is fuelling the bubble in the stock market (Rahman, 2010).Another way to point out a bubble would be the very quick rise in price-earnings ratios in the absence of any new information. There are many companies that have no growth or profitability and they are not even paying dividends, but their price-to-earnings ratios reached at 70 or higher, suggesting nothing but irrational exuberance (Rahman, 2010). Therefore, researchers want to include remittances, and price-to-earnings ratios as added variables to the model developed by Tsoukalas, and continue the study in the context of DSE in Bangladesh. Literature ReviewThe objective of this chapter is to review the existing literature on stock prices in relation to macroeconomic factors, remittances, and price-to-earnings ratios.

The discussion will begin with the concept of stock. This will lead to the exploration of the literature on macroeconomic factors, remittances, and price-to-earnings ratios; and individual relationships of macroeconomic factors, remittances, and price-to-earnings ratios with stock prices. There is a wide range of study on the relationship between stock prices, and macroeconomic variables.The literature is very rich in developed, more material markets such as the United States, United Kingdom, Japan, Singapore, Hong Kong, and others. In emerging markets however “, such as- Bangladesh” research is still scarce. The research problem directed researchers initially to the literature on the meaning of stock, stock prices, macroeconomic factors, remittances, and price-to-earnings ratios. Stock Stock is a type of security that represents ownership in a corporation (Besley, & Brigham, 2005). Stock is distinct from the property and the assets of a business which may fluctuate in quantity and value.

Stock typically can be two types, such as- common stock or preferred stock. Common stock typically carries voting rights that can be exercised in corporate decisions and does not have special preference in wither dividends, or in bankruptcy (Ross, Westerfield, & Jaffe, 2005). It is called “common” to distinguish it from preferred stock, a special security that does not carry voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders.Common stock holders receive their funds after preferred stock holders, bondholders, creditors, and etcetera (Ross et al. , 2005). Additional benefits of common stock are earning dividends, and capital appreciation, but there is no fixed dividend paid out to common stock holders and so their returns are uncertain (Ross et al. , 2005). Stock Price A stock price is the quoted value at which investors buy or sell a share of stock at a given time (Besley, & Brigham, 2005).

Stock price is often differed from book value because the stock price takes into account future growth potential.Macroeconomic Factors Macroeconomic factors “, politics, government regulations, national income, output, unemployment, inflation, investment, international trade, and etcetera” are factors that affect the wider economy (Somey, Akintoye, & Oseni, 2009). But in this study the researchers focused on some specific macroeconomic factors”, they are- industrial production (IP), exchange rates (XR), money supply (MS), consumer price index (CPI), and interest rates (IR)” to assess the particular affects of these factors on stock prices.Many studies have examined the relationship between macroeconomic factors, and stock prices.

Brown, and Otsuki (1990) studied the effects of short-term interest rates, money supply, exchange rates, crude oil prices, and industrial production on stock prices in Japan. Their study showed that there was a strong relationship between these variables and stock prices. Bagliano, and Beltratti (1997) found strong evidence of a long-run relationship between real stock prices and inflation in Italy over the 1963-1995 periods. Tsuyoshi (1997) examined the relationship between stock prices and macroeconomic variables in Zimbabwe.

The researcher; using the revised dividend discount model, error correction model, and multifactor return generating model; showed that recent increases of stock prices in the Zimbabwe Stock Exchange could be explained by the movements of monetary aggregates and market interest rates. Habibullah, & Baharumshah (1996) showed that stock prices in Malaysia could not be predicted using as predictors output and the money supply. So, in every forms of economy, relationships between macroeconomic factors, and stock prices exist; and this study will examine the relationships between these variables in the economy of Bangladesh.Industrial production Industrial production is measured by Industrial production index. Industrial production index is an economic report or index that is released by the Bangladesh Bureau of Statistics (BBS) and it measures the changes in output for the industrial sector of the economy. The industrial sector includes manufacturing, mining, and utilities.

Although these sectors contribute only a small portion of Gross Domestic Production (GDP), they are highly sensitive to interest rates, and consumer demands. Industrial production index is an important tool for forecasting future Gross Domestic Production (GDP), and economic performance.Investors can use industrial production index of various industries to examine the growth in the respective industry.

The industrial production index is procyclical – that is, it rises during economic expansion and falls during a recession (Maysami, Howe, & Hamzah, 2004). Industrial production index is typically used as a proxy for the level of real economic activity, that is, a rise in industrial production would signal economic growth (Maysami et al. , 2004). Fama (1990), and Geske, & Roll, (1983) hypothesized a positive relationship through the effects of industrial production on expected future cash flows.

In another study Chen, Roll, and Ross (1986) indicated that future growth in industrial production was a significant factor in explaining stock returns. Hence, suggesting a positive relationship between real economic activities and stock prices. Exchange Rate The exchange rate is the price of one currency in terms of another- for example, the amount of taka required to purchase 1 dollar (Carbaugh, 2008).

It can also be defined as the number of units of foreign currency required to purchase 1 unit of domestic currency (Carbaugh, 2008).The exchange rates of taka for inter-bank, and customer transactions are set by the dealer banks themselves; based on demand-supply interaction. Bangladesh Bank uses these rates as reference rates to transact with government or different international organizations. Maysami, Howe, and Hamzah (2004) hypothesized a positive relation between the exchange rate, and stock prices. The researchers suggested that a depreciation of the Singapore dollar will lead to an increase in demand for Singapore’s exports and thereby increasing cash flows to the country, assuming that the demand for exports is sufficiently elastic (Maysami et al. 2004). Alternatively, if the Singapore dollar is expected to appreciate, the market will attract investments (Maysami et al. , 2004).

So, it means the rise in demand will push up the stock market level, and the stock market returns will be positively correlated to the changes in the exchange rates. Money supply Money supply is the total amount of money available in an economy at a particular point in time (Madura, 2009).Money supply is divided into multiple categories”, M1, M2, and M3” according to the degree of liquidity (Ayers, & Collinge, 2004). Money supply is an important tool to control the inflation, manipulate the interest rates, and ensure the growth in an economy. Bangladesh Bank regulates and publishes the amount of money supply in the economy of Bangladesh. Friedman, and Schwartz (1963) simply hypothesized that the growth rate of money supply would affect the aggregate economy and hence the expected stock returns (Maysami, Howe, & Hamzah, 2004).

In another study, Fama (1981) found that an increase in money supply would lead to inflation, and may increase discount rate and reduce stock prices; while Maysami, and Koh (2000) found a positive relationship between money supply changes, and stock returns in Singapore. Consumer price index Consumer Price Index (CPI) measures the average change over time in the price level of consumer goods, and services purchased by households lived in urban areas (Ayers, & Collinge, 2004).The collection of goods and services used in the calculation of the CPI is called the market basket (Ayers, & Collinge, 2004).

It can also be said that the consumer price index measures the increase in the price of the market basket between current year and the base period. Consumer Price Index (CPI) is also used to forecast inflation in the economy, which affects nominal interest rates and the prices of some securities (Madura, 2009). Interest rates An interest rate is the cost of borrowing or the price paid for the rental of funds, usually expressed as a percentage of the rental of BDT 100 per year Mishkin, 2004). There are many interest rates in the economy- mortgage interest rates, car loan rates, and interest of many different types of bonds. Interest rates are important on a number of levels. On personal level, higher interest rates could discourage households from buying a house or car because of cost of financing would be high, and conversely would encourage households to save because they can earn more interest income by putting aside some of their earnings as savings (Mishkin, 2004).In a study (Maysami, Howe, & Hamzah, 2004), researchers hypothesized a negative relationship between interest rates, and stock prices for the following reasons: (1) interest rates can influence the level of corporate profits which in turn influence the price that investors are willing to pay for the stock through expectations of higher future dividends payment. Most companies finance their capital equipments and inventories through borrowings.

A reduction in interest rates reduces the costs of borrowing and thus serves as an incentive for expansion. This will have a positive effect on future expected returns for the firm; (2) as substantial amount of stocks are purchased with borrowed money, hence an increase in interest rates would make stock transactions more costly. Investors will require a higher rate of return before investing. This will reduce demand and lead to a price depreciation. RemittancesA remittance is a transfer of money by a foreign worker to his or her home country. Remittances from migrants constitute a significant source of foreign exchange and a strong demand in the domestic economy, and represent a substantial proportion of export proceeds and GDP of the domestic economy (Glytsos, 2005). Therefore, the portion of remittances in the available foreign exchange of labor exporting countries is high; and may be substituted for the lack of other sources, such as proceeds from export or aid (Glytsos, 2005).

Remittances are initially spent on consumption, housing and land, and are not used for direct productive investment is often taken as a loss of resources for promoting long-term growth and development (Lucas, 2003). Remittance inflows increase the liquidity of the banks through remittance deposits, and hence allow to extent the investment credits in the economy (Glystos, 1998 a, b). But unproductive use of remittances will increase the liquidity in the economy, or extensive investments of remittances in the stock market will overheat the market and create a bubble in the stock market (Rahman, 2010). Price-to-Earnings RatioMathematically, the price-to-earnings ratio is simply the price per share divided by earnings per share, and it is ultimately set by investors in the market as they bid the price of the stock up or down in relation to its earnings (Hirt, & Block, 2003). In general, a high price-to-earnings ratio reflects that the investors are expecting higher earnings or that there is a strong chance that they will be able to make a capital gain and higher investors’ interest to hold that share in the portfolio (Mansur, 2010). The price-to-earnings ratio of a company is also affected by overall conditions in the stock market (Hirt, & Block, 2010).

Many studies have been performed to explain the relationship between stock prices, and price earnings ratios. Stock is generally traded at a relatively high price-to-earnings ratio, perhaps 20 or greater, when there are strong growth prospects in the economy (Hirt, & Block, 2010). In a study Basu (1977) found out that portfolios with low price-to-earnings ratios outperform the portfolios with high price-to-earnings ratios in the long-run.

Conceptual Framework 1. Macroeconomic Factors I. Industrial Production II. Exchange Rates III. Money Supply (excluding remittances) IV.

Consumer Price Index V. Interest rates 2.Remittances 3. Price-to-Earnings Ratios Stock Prices Researchers of this study developed a conceptual framework based on the insights gain from the literature review to give direction to the investigation.

In this study, it has been proposed that relationships between macroeconomic factors, remittances, price-to-earnings ratios, and stock prices will be investigated in the context of Dhaka Stock Exchange (DSE) in Bangladesh. The conceptual framework (see Figure 1) depicts the measured variables and their relationships in the presents study. Figure 1: Conceptual Framework of Research Variables and their RelationshipsResearch Questions and Proposed Hypotheses Based on the conceptual links proposed between macroeconomic factors, remittances, and price-to-earnings ratios, and stock prices; this study proposes to investigate the following research questions and hypotheses proposed regarding these research questions: Research Question One Is there any significant relationship between macroeconomic factors “, industrial production, exchange rates, money supply (excluding remittances), consumer price index, and interest rates”, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh? Hypothesis 1There is a significant relationship between macroeconomic factors “, industrial production, exchange rates, money supply (excluding remittances), consumer price index, and interest rates”, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh. Research Question Two Is there any significant relationship between remittances, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh? Hypothesis 2 There is a significant relationship between remittances, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh. Research Question ThreeIs there any significant relationship between price-to-earnings ratios, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh? Hypothesis 3 There is a significant relationship between price-to-earnings ratios, and stock prices in the context of Dhaka Stock Exchange (DSE) in Bangladesh. Methodology Research Design The proposed conceptual framework (Figure 1) depicted the pattern and structure of relationships between the measured variables, and a correlational research design will be used to obtain answers to the identified research questions and to test the hypothesizes of this study.

When a researcher investigates the effects of the measured variables and analyses the relationships among the variables, the design is known as correlational design (Jahangir, 2003). In correlational analysis, the researcher has no control over the values of the variables under study, and merely observes how the variables of interest vary in the natural environment (Jahangir, 2003). So, in correlational analysis, the researcher does not try to measure whether one variable causes another variable or not, rather try to measure the presence of correlation between the measured variables under study.Under the present quantitative research method; the archival research, a subset of correlational research, will be used to conduct this study.

Archival research, which is also known as secondary research, involves the study of historical documents that are created at some point in the relative distant past and can be accessed through secondary sources “, such as- electronic databases, emails, and web pages”. The aim of the present study is to measure the correlations between the variables “, macroeconomic factors, remittances, price-to-earnings ratios, and stock prices”.In this study, macroeconomic factors, remittance, and price-to-earnings ratios are considered as independent variables, and stock prices is considered as dependent variable. The researchers only want to investigate whether any relationships exist between these measured varibales or not. Sampling Method The disproportionate stratified probability sampling technique will be used to select sample elements and collect sample for this study.The disproportionate stratified probability sampling will be accomplished by segregating the whole population into several mutually exclusive subpopulations or strata, and the sample size drawn from the each stratum is disproportionate to the stratum’s share of the total population (Cooper, & Schindler, 2008).

The population for this proposed study is the listed companies “, 250 firms” in the Dhaka Stock Exchange (DSE). The sampling frame for this study will be the All Shares Price Index (DSI) of Dhaka Stock Exchange (DSE) as long as all of the listed companies are recorded in this index, DSI.From the researchers’ points of view, a sample size of 30 companies will be a good representative of the whole population. DSE has divided the whole population of firms into five categories “, such as- A, B, G, N, and Z categories” based on firms’ performance and execution of financial obligations; and four subgroups “, such as- A, B, N, and Z” among them will be used as four strata.

A category consists of 217 companies of the total population of 250 firms; while B category, N category, and Z category consist of consecutively 11 companies, 7 companies, and 15 companies.Therefore; 20, 3, 2, and 5 firms will be drawn consecutively from A, B, N, and Z category; and the simple random probability sampling procedure will be followed to draw sample elements from each stratum to perform this study. Data Collection As long as data related to variables of this study has already been collected by different types of organizations, groups of people, and are available in the secondary sources, secondary data will be used to conduct this study.Data on stock prices, and price-to-earnings ratios of all of the DSE enlisted companies will be collected form DSE website; industrial production index, and consumer price index are published by Bangladesh Bureau of Statistics (BBS) and are also available on the website of BBS; and data on interest rates, exchange rates, remittances, and money supply are published by Bangladesh Bank and the publications will be collected to acquire the data. During the last 10 years, the stock market of Bangladesh has been developed and gone through different phases.So, the data will be collected for 2000 to 2009 periods, and annual data will be collected for each variable under this study. Data Analysis Correlational analysis and stepwise regression analysis are two analytical methods will be used in testing hypotheses of this study.

Statistical Package for the Social Sciences (SPSS), which is a computer program used for statistical analysis of data, will be used to compute the correlation coefficients and regression coefficients.Correlation looks at the relationship between two variables in a linear fashion (Dzidic, Steed, & Coakes, 2006). As long as the proposed study is a correlational study, a correlational analysis will be used in this study for two purposes. The first is to check the presence of multicollinearity, which is indicated when the inter-correlation between independent variables exceed 0.

8 (Jahangir, 2003). In a linear expression where more than two variables are arranged, multicollinearity between variables may not be ruled out.A multicollinearity test is therefore conducted for all the independent variables. Secondly, the correlational analysis will be performed to explore the relationships between measured variables.

Correlation matrix for the variables will be prepared and the reseacher will look for significance correlations. In interpreting the strength of relationships between variables, the guidelines suggested by Rowntree (1981) will be followed; his classification of the correlation coefficient (r) is as follows (Jahangir, 2003): . 0 to 0. 2Very weak, negligible 0.

2 to 0. 4Weak, low 0. 4 to 0.

7Moderate 0. 7 to 0. 9Strong, high, marked 0. 9 to 1. 0Very strong, very high The bivariate correlation procedure will be subject to a two tailed test of significance at two different levels, highly significant (p<0. 001) and significant (p<. 01) or (p<. 05).

The regression analysis is used when independent variables are correlated with one another and with the dependent variable (Dzidic, Steed, & Coakes, 2006).The result of regression is an equation that represents the best prediction of a dependent variable from several independent variables (Dzidic, Steed, & Coakes, 2006). The stepwise regression is a method that sequentially adds or removes independent variables based on their levels of significance in the equation (Cooper, & Schindler, 2008). The level of significance is expressed by R2 and it shows the percentage of total variance in a dependent variable is explained by an independent variable (Cooper, & Schindler, 2008).The independent variable that contributes the most to explaining the dependent variable is added first, and subsequent variables are included based on their incremental contribution over the first variable and on whether they meet the criterion for entering the equation (Cooper, & Schindler, 2008). Researchers of this study have selected both independent and dependent variables based on grounded theory, so the stepwise regression will be used in testing hypotheses.The stepwise regression will be used to find out the most significant independent variables which individually and collectively provide meaningful explanations of the dependent variable. The researchers are also interested to find out whether the conceptually newer variable, remittances, has the greater level of significance, R2, comparing to other independent variables and thus whether remittances explains the movements in stock prices more significantly than any other independent variables in the context of DSE in Bangladesh or not.

Limitations This study is limited by a number of factors.First of all, this study will incorporate only a few number of variables in determining the movements in stock prices, while there are infinite number of variables “, such as- financial announcements, dividend policy, corporate reputations, and so on” that may affect stock prices. So, the result may be misleading due to overlook a significantly important explanatory variable or variables. Secondly, the study will be conducted only on stock prices of the companies listed in Dhaka Stock Exchange (DSE); one of the two exchanges is operated in Bangladesh.

The stock prices of firms listed on another exchange, Chittagong Exchange (CSE) will not be included in this study. Thirdly, this study will show the correlations between variables, but it will not mean that one variable causes the other. Movements in price-to-earnings ratios are occurred due to changes in stock prices, so high correlation between these two variables will not mean that price-to-earnings ratios cause the stock prices. Significance of the Study This study is significant for the following reasons: 1.Present study will enhance the knowledge about the relationships between macroeconomic factors, remittances, price-to-earnings ratios, and stock prices in a developing country.

2. The price-to-earnings ratios seem to be extremely high in the present economic climate of Bangladesh, and it will be an opportunity to explore the relationship between price-to-earnings ratios and stock prices in the context of Bangladesh. 3. This study will provide important sights of the stock market of Bangladesh to the investors, policymakers, economists and will influence them to take proper steps to correct the situations. . Finally, this study may be used as a guideline for further research on the stock market of Bangladesh, and may encourage researchers of this current study, and others for further research.


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