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Testing the Efficient Markets Hypothesis on the Romanian Capital Market

Drags Mînjina and Petre Brezeanu ()
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Drags Mînjina: Academy of Economic Studies Bucharest

Finante - provocarile viitorului (Finance - Challenges of the Future), 2013, vol. 1, issue 15, 151-158

Abstract: Informational efficiency of capital markets has been the subject of numerous empirical studies. Intensive research of the field is justified by the important implications of the knowledge of the of informational efficiency level in the financial practice. Empirical studies that have tested the efficient markets hypothesis on the Romanian capital market revealed mostly that this market is not characterised by the weak form of the efficient markets hypothesis. However, recent empirical studies have obtained results for the weak form of the efficient markets hypothesis. The present decline period of the Romanian capital market, recorded on the background of adverse economic developments internally and externally, will be an important test for the continuation of recent positive developments, manifested the level of informational efficiency too.

Keywords: efficient market hypothesis; informational efficiency; random walk hypothesis; capital market (search for similar items in EconPapers)
JEL-codes: G14 P34 (search for similar items in EconPapers)
Date: 2013
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