文章基本信息

标题：Financial Liberalization and Stock Market Efficiency
本地全文：下载
作者：Ciupac-Ulici, Maria ; Nistor, Ioan Alin
期刊名称：Finante - provocarile viitorului (Finance - Challenges of the Future)
印刷版ISSN：1583-3712
出版年度：2011
卷号：1
期号：13
页码：154-160
出版社：University of Craiova, Faculty of Economics and Business Administration
摘要：Stock market liberalization may have a favorable impact on the economy in many aspects. Many empirical studies have shown that liberalization had a positive effect on developing economies, resulting in diminishing the impact of the cost of capital, the increasing of returns and individuals investment. However, liberalization can make a country to be sensitive to some economic and foreign policy turbulence, leading, ultimately, to a higher volatility of domestic markets. In this article we intend to analyze the effect of emerging stock market liberalization on weak form efficiency hypothesis. Following the implementation of the liberalization process, we found that the analyzed emerging markets (Hungary, Poland, Czech Republic, Slovenia, Slovakia and Romania) are weak form efficiency markets (except the Slovak stock market, it was efficient before liberalization).
关键词：financial liberalization; stock market efficiency; costs of capital; emerging markets