This paper examines the impact of market timing and legal changes in 2005, aimed at aligning Polish regulations on financial markets with the UE standards, on the amount of capital raised at initial public offerings (IPOs) on the Warsaw Stock Exchange. We find that although during IPOs firms...

In this paper, the variance-ratio test and the ARMA-GARCH (1,1) are used to test whether the Stock Exchange of Thailand is an efficient market. Using monthly market index during January 1987 and December 2006, the variance-ratio test shows that the market index follows a random walk process, and...

The Georgian Stock Exchange (GeSE) is one of the smallest and most illiquid capital markets worldwide. Inefficient regulation and high transaction costs feature high in describing the embryonic stage of Georgia's stock market. This paper, by supplying first-hand empirical evidence on time-series...

This research involved developing an optimal stock investment decision strategy which offers minimum risk to the potential investor for counters listed on the Zimbabwe Stock Exchange. Three counters were compared namely Econet Wireless, Delta and Old Mutual. The first phase of the project...

Financial integration is one of the buzz words in financial world. The co movement of share prices across the stock markets in the world is a frequently experienced phenomenon. Especially during the times of crisis it is observed that the stock markets crash together. The oil crisis of 1973, the...

The present paper studies dependencies between European stock markets when returns are unusually large, using daily data on stock market indices for Germany, the United Kingdom, France, the Netherlands and Italy from 1973 to 2001. Dependency is measured by the conditional probability of an...