Publications → Financial Markets → Stock Markets

On the importance of clean accounting measures for the tests of stock market efficiency: January 18, 2008 17:39
Tests of the semi-strong form of the efficient market hypothesis (EMH) typically use earnings and book value of equity as benchmarks of fundamental value. Accounting earnings, however, are contaminated by noise due to their transient component and book value of equity tends to be biased downwards due to accounting conservatism. We investigate whether controlling for these effects impacts on the implications concerning the information efficiency of the Swedish stock market.

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Tags: stock, accounting, Swedish, market
Return behavior in emerging stock markets: November 23, 2007 13:14
This article investigates the behavior of stock returns in the twenty stock markets represented in the International Finance Corporation's Emerging Markets Data Base. The aim is to test for return anomalies and predictability.

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Tags: stock, market, trade
Emerging stock markets and international assest pricing: November 23, 2007 13:12
This article investigates whether emerging stock markets are now part of the global financial market and characterizes return behavior in these markets.

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Tags: stock, trade, market
Russian Dilemmas: November 23, 2007 13:06
This paper discusses some aspects of the legacy of the socialist past that make Russia's (or Ukraine's) macroeconomic policy problems rather different from those of the Latin American countries whose stabilisations are often cited as models for the USSR successor states. In particular, we want to consider (1) the structure of the inherited capital stock and (2) the lack of financial instruments, institutions, and markets.

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Tags: Russia, macroeconomy, stock, Soviet
Stock markets and industry growth: an eastern European perspective: May 15, 2007 09:54
This paper reviews recent stock market developments in Poland and the Czech Republic and provides a case-study of the direction of causality between stock market expansion and economic growth. It finds no evidence that the relative failure of the security market in the Czech Republic affected the country’s economy. It also analyses the composition of Polish private equity offerings and finds that industries traditionally considered financially dependent were not among the largest Polish equity issuers. Instead, the growth of the Polish equity market has been driven by otherwise well-performing industries, such as residential building and commercial banking

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Tags: stock, industry, Poland, Czech, bank
Evaluating Statistical and Economic Significance of Polish Stock Return Predictability: May 15, 2007 09:54
The purpose of this paper is to investigate the economic and statistical significance of Polish stock return predictability in the period 1997-2003.

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Tags: Poland, stock, statistics
Development perspectives of equity markets in Kyrgyz Republic.: May 17, 2007 10:25
This publication tries to answer the question on why treasury bills play a marginal role and why the dynamics of its development is not so high.

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Tags: equity, treasury, Kyrgyzstan
The Price Impact of Stock Trades: Evidence from the Prague Stock Exchange: May 15, 2007 09:51
The aim of this study is to analyze the information content of a trade as implied by its effect on the quote revision.

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Tags: trade, effect, quote, czech
Can the Theory of Motivation Explain Migration Decisions: May 15, 2007 09:51
In this presentation the author uses Maslow's motivation theory to consider individuals decision to migrate.

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Tags: Maslow, theory, migration