Testing efficiency of Arab stock markets at semi-strong level - a study of Amman Financial Market

Abstract

This study aims at testing efficiency of Arab stock markets at semi-strong level through exploring the impact of informations contained in the published financial reports for companies listed in Amman financial market on stock prices using event study method that addresses the impact of a particular event or group of events on stock prices. The study found inefficiency of Amman Financial Market at the semi-strong level because the stock prices do not respond to the informations contained in the published financial reports for companies but affected by other factors.