This paper investigates the possibility that the newly emerging equity markets in Central Europe exhibit a degree of efficiency similar to that which prevails in more developed markets. The different privatization strategies adopted by the various countries in the region are shown to have...

It must be admitted that in modern economies, financial systems play an important role in allocating scarce resources, helping channel individual or household savings to the corporate sector, and allocate funds among companies. The two main pillars of the financial system are the banking system...