Testing market efficiency of the emerging capital markets in countries of the Central and Eastern Europe

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F15%3A00084893" target="_blank" >RIV/00216224:14560/15:00084893 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Testing market efficiency of the emerging capital markets in countries of the Central and Eastern Europe

Popis výsledku v původním jazyce

Incorporation of all relevant information by stock prices in combination with investors? rational expectations and utility maximization is the one of the fundamentals that the modern portfolio theory is based upon. This brings long-term equilibrium and ensures that no one can persistently beat the market. However, as it is mentioned, this is the state of things in the long-term horizon, which, as numerous evidence suggest, may not hold for short-term horizon. Additionally, violation of any one of the fundamentals, such as presence of investors? herding behavior or information asymmetry makes the movement of stock prices to deviate from random walk pattern, thus providing a room for short-term outperformance. Up to date no absolutely efficient markets are known for world academic and investment community. The best know long-term approximation is represented by mature capital markets. As for emerging markets, so there is a long-term debate about their efficiency.

Název v anglickém jazyce

Testing market efficiency of the emerging capital markets in countries of the Central and Eastern Europe

Popis výsledku anglicky

Incorporation of all relevant information by stock prices in combination with investors? rational expectations and utility maximization is the one of the fundamentals that the modern portfolio theory is based upon. This brings long-term equilibrium and ensures that no one can persistently beat the market. However, as it is mentioned, this is the state of things in the long-term horizon, which, as numerous evidence suggest, may not hold for short-term horizon. Additionally, violation of any one of the fundamentals, such as presence of investors? herding behavior or information asymmetry makes the movement of stock prices to deviate from random walk pattern, thus providing a room for short-term outperformance. Up to date no absolutely efficient markets are known for world academic and investment community. The best know long-term approximation is represented by mature capital markets. As for emerging markets, so there is a long-term debate about their efficiency.

Druh

D - Stať ve sborníku

CEP obor

AE - Řízení, správa a administrativa

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2015

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Enterprise and Competetive Environment 2015: Proceedings of the 18th Annual International Conference

ISBN

9788075093424

ISSN

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e-ISSN

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Počet stran výsledku

11

Strana od-do

470-480

Název nakladatele

Mendel University in Brno

Místo vydání

Brno

Místo konání akce

Brno

Datum konání akce

1. 1. 2015

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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