Efektivnost akciových trhů v zemích Visegrádské skupiny

Abstract

The theme of this thesis is Stock Markets Efficiency in Countries of the Visegrad Group. Efficient Market Theory is one of the main methods of description of stock prices movements. This submitted thesis deals with analyze of Stock Exchange of the Czech Republic, Slovakia, Poland and Hungary in years 2005-2013. First theoretical part is determined to the definition of efficient-market hypothesis and analyzed markets. The second part of this thesis consists of stock markets analysis and mainly empirical and graphical tests of the efficient-market hypothesis (autocorrelation test, normality tests and runs test). In the conclusion, the results and comparisons of the tests of analyzed capital markets are presented. The results also show the impact of the Global Financial Crisis.