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EFICIENŢA PIEŢEI FINANCIARE DIN ROMÂNIA - CONDIŢIE NECESARĂ ÎN PERSPECTIVA ADERĂRII LA UNIUNEA EUROPEANĂ

Barna, Flavia; Dima, Bogdan and Labunet, Aurora (2003): EFICIENŢA PIEŢEI FINANCIARE DIN ROMÂNIA - CONDIŢIE NECESARĂ ÎN PERSPECTIVA ADERĂRII LA UNIUNEA EUROPEANĂ. Unpublished.

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Abstract

No country can develop without an active financial market, able to offer the conditions for financing national economy and also, an advantageous way of investing the temporary available resources. Having in mind this idea, the objective of this paper is to reveal the main coordinates of Romanian financial market evolution and to analyze in what way this evolution determined a functional emergent financial market. More precisely, the authors will test the efficiency market hypothesis (EMH), using the recent market evolutions. The fundamental adopted thesis consist in the fact that obtaining even a “week” result from the test is a clue of the institutional – managerial and structural development of Romanian financial market, critique precondition for integration in EU financial system.

Item Type:MPRA Paper
Original Title:EFICIENŢA PIEŢEI FINANCIARE DIN ROMÂNIA - CONDIŢIE NECESARĂ ÎN PERSPECTIVA ADERĂRII LA UNIUNEA EUROPEANĂ
Language:Romanian
Keywords:ipoteza pieţei eficiente, fair game, random walk, testare
Subjects:G - Financial Economics > G1 - General Financial Markets > G14 - Information and Market Efficiency; Event Studies
C - Mathematical and Quantitative Methods > C3 - Econometric Methods: Multiple; Simultaneous Equation Models; Multiple Variables; Endogenous Regressors > C32 - Time-Series Models; Dynamic Quantile Regressions
ID Code:5870
Deposited By:Flavia Barna
Deposited On:26. Nov 2007 11:37
Last Modified:26. Nov 2007 11:37
References:

1. Estrada, Javier - „Random Walks and the Temporal Dimension of Risk”, Departamento de Economia de la Empresa, Universidad Carlos III de Madrid; Working Paper, 97 – 24, Business Economic Series 03, April 1997; 2. Fama E., Fisher L., Jensen M., Roll R., -“ The adjustement of stock prices to new information”, International Economic Review, 13, februarie, 1969. 3. Fama, Eugene F.- „Efficient Capital Markets: a Review of Theory and Empirical Work”; The Journal of Finance, may 1970. 4. Fama, Eugene F.- „Market Efficiency, Long-Term Returns, and Behavioral Finance”; Social Sciences Research Network , June 1997. 5. Joshi, Shareen; Bedau Mark A -„An Explanation of Generic Behavior in an Evolving Financial Market”; Reed College, December 1998.

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