A new environment has evolved in the international stock markets, as expressed by the occurrence of market crises and high swings of stock prices. The stock prices are supposed to respond to real data under the market efficiency hypothesis. However, in some cases, price fluctuation is influenced...

This paper explored the new features of emerging stock markets, in order to point out the most associated indicators of increasing stock return volatility, which may lead to instability of emerging markets. The study covers a sample of five geographical areas of emerging economies, including...