Efektivnost akciových trhů ve středoevropských zemích

Abstract

Main goal of this diploma thesis is testing of the weak form of Stock Market Efficiency in Central European Countries. The hypothesis of efficient markets is a very important part of economic theory. This thesis contain five chapters. The first chapter is an introduction and the fifth is a summary. The second chapter is an introduction of financial markets of Czech Republic, Slovak republic, Hungary and Poland. In the third chapter, space is defined by the historical growth of the effective markets hypothesis, assumptions and testing options. The chapter also includes characteristics of anomalies. The fourth chapter is an application. A weak form of effectiveness is tested using selected methods. Testing takes place on selected indexes of the Visegrad Group for the period 1996-2016. This period is divided into 3 separate slots. For testing are used Jarque-Bera test, Kolmogorov-Smirnov test, ACF, PACF and Runs test.