Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992)...

This study utilizes the windowed-test procedure of Hinich and Patterson (1995) to examine the data generating process of KLSE CI returns series. Unlike previous studies, the present one relates the evidence to the popular weak-form EMH and behavioural finance, with the hope of offering some...

El presente documento de trabajo, muestra un analisis y la evolucion historica reportada de la eficiencia de mercado, la administracion de carteras de fondos y sobre behavioural finance, principalmente en el mercado de USA, por lejos el mas importante del mundo. Tambien, se muestra investigacion...

El presente documento de trabajo, muestra la evolucion historica reportada de las estrategias de inversion en acciones, principalmente en el mercado de USA, por lejos el mas importante del mundo. Tambien, se muestra investigacion en España. Se distinguen tres etapas: la inicial, correspondiente...

This paper gives an overview of some issues related to market aluation, focusing on the developments on the New York equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and 31 December 2002 is situated in a very long term...

We construct a gold valuation theory based on viewing gold as a global real store of wealth. We show that the real price of gold varies inversely to the stock market P/E and thus is a direct function of a global yield required to achieve a constant real after-tax return equal to long-term global...

We present a simple model of a stock market where a random communication structure between agents gives rise to a heavy tails in the distribution of stock price variations in the form of an exponentially truncated power-law, similar to distributions observed in recent empirical studies of high...

Past researches have revealed significant abnormal returns for bonus issues even though the bonus issue date is known in advance and the distribution contains no new information. This study examines the stock price reaction to the information content of bonus issues with a view of examining the...

This paper offers analysis of corporate governance issues behind stock market performance (stock returns and activity) in Moldova - one of the Central and Eastern European (CEE) countries. Born during the years of mass privatization, securities market of Moldova enjoyed the support for the...

A growing literature argues that the Information Technology rev- olution caused the stock market crash of 1973-1974, its subsequent stagnation and eventual recovery. This paper employs general equi- librium theory to test whether this good news hypothesis is consistent with the behavior of US...