EXCERPT FROM THE STUDY
Lim, Brooks and Kim (2008) examined the efficiency of the eight Asian stock markets in order to find the impact of Asian financial crisis of 1997 with divisions of period from pre to post financial crisis and found that during financial crisis 1997, efficiency of the Asian stock markets deteriorated of which Hong Kong stock market was the major victim of the crisis. Ravichandran and Maloain (2010) found that during recent financial crisis, stock markets of six Gulf countries faced negative pressure but these markets become strengthened during post crisis period. Rafaqet and Muhammad (2012) consider the 2007/2008 Global financial crisis that started from United States, the world’s largest crisis after 1930s recession.
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