The Warsaw Stock Exchange: A Test of Market Efficiency

Barry Gordon and Libby Rittenberg

Comparative Economic Studies, 1995, vol. 37, issue 2, 27 pages

Abstract: This paper analyzes the behavior of the Warsaw Stock Exchange in light of the efficient market hypothesis (EMH) and alternative models of market inefficiency. Following a brief history of the Warsaw Stock Exchange and a discussion of EMH and the Shiller (1991) critique, the Polish stock market is examined in terms of the extent to which the assumptions of EMH are met and in terms of the actual behavior of stock prices for the period of 1 June 1993 to 27 July 1994. The analysis suggests that EMH provides an inadequate explanation of investor behavior and its effect on stock price volatility in this emerging market.

Date: 1995
References: Add references at CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
http://www.palgrave-journals.com/ces/journal/v37/n2/pdf/ces19957a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/ces/journal/v37/n2/full/ces19957a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:compes:v:37:y:1995:i:2:p:1-27

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41294/PS2

Access Statistics for this article

Comparative Economic Studies is currently edited by Nauro Campos

More articles in Comparative Economic Studies from Palgrave Macmillan, Association for Comparative Economic Studies Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().