In dynamic business environment, foresight may be considered as a main instrument for strategic science and technology planning for companies, industrial sectors, regions or countries. Today none of the other available future studies can offer better synergies for strategic science and...

This paper examines features of the Czech stock market’s development from 1997 to 2003 and attempts to unveil the macroeconomic consequences of stock-price development. The analysis of the stock market’s behavior supports a cautionary stance on the hypothesis of the efficient-market theory,...