PL EN


2009 | 23 | 14-34
Article title

THE STRONG INFORMATIVE EFFICIENCY OF THE WARSAW STOCK EXCHANGE - THE MYTH AND THE REALITY (Mocna efektywnosc informacyjna Gieldy Papierów Wartosciowych S.A. w Warszawie - mit a rzeczywistosc)

Selected contents from this journal
Title variants
Languages of publication
PL
Abstracts
EN
The informative efficiency of the market is the issue verified considering its three different kinds. The tests of the weak form have a reflection in the prices of the shares in their historical value. The majority of the research proves that there is no possibility to achieve abnormal rate of return on the basis of technical analysis. Considering half-strong form, empirical investigation does not give one straight answer, however, the majority of results leans towards supporting half-strong form of informative efficiency. Consequently, it is impossible to achieve unusual profits in a longer period of time based on the technical and fundamental analysis. The next means of the efficiency which is hard to be verified is its strong form. With regard for the need to consider this issue in the analysis of the unpublic information, it is the most difficult to examine. The aim of this article is to try to verify a strong form of the informative efficiency on the basis of assumption that recommending individuals have an access to the information which is not available to the wider group of investors. The investigation was carried out on the reports from 52 institutions, which recommendations (1925 events) concern the companies of index WIG 20 between 01.01.2005 and 03.06.2008. In most cases the results of the investigations lead towards the hypothesis that there is a strong informative efficiency in the Stock Exchange in Warsaw.
Year
Issue
23
Pages
14-34
Physical description
Document type
ARTICLE
Contributors
author
  • Tomasz Swist, Uniwersytet Warszawski, Wydzial Nauk Ekonomicznych, ul. Dluga 44-50, 00-241 Warszawa, Poland
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
10PLAAAA072211
YADDA identifier
bwmeta1.element.598ba8cf-217a-3567-86db-1d66bdc7f5f6
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