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,...

Global corporations and companies with international portfolios increasingly concentrate their activities not only on the international expansion of their products or services and global diversifi cation of their capital portfolios, but also on an effective integration in the global value chain...