Study on Behavior of Stock Prices and Returns Have Supported the Randomness and Independence

Shunil  Tripathi; Dr. Satyapal Yadav

Study on Behavior of Stock Prices and Returns Have Supported the Randomness and Independence

The Role of Financial Intermediaries in Supporting an Efficient Capital Market for Economic Development

by Shunil Tripathi*, Dr. Satyapal Yadav,

- Published in Journal of Advances and Scholarly Researches in Allied Education, E-ISSN: 2230-7540

Volume 2, Issue No. 2, Oct 2011, Pages 0 - 0 (0)

Published by: Ignited Minds Journals

ABSTRACT

Anefficient capital market is a prerequisite of economic development. Broadly,capital market can be classified into new issue market (primary market) andsecondary market (stock market). The new issue market deals with new securities,which were not previously traded, and secondary market is mainly concerned withthe trading of securities previously issued. Resource allocation in the capitalmarket is facilitated by the effective support of financial intermediaries thatinclude various stock exchanges, issue houses, underwriting agencies andmerchant banks.

KEYWORD

behavior, stock prices, returns, randomness, independence, efficient capital market, economic development, new issue market, primary market, secondary market, trading, securities, resource allocation, financial intermediaries, stock exchanges, issue houses, underwriting agencies, merchant banks