Διερεύνηση της αποτελεσματικότητας της αγοράς αξιών του Χ.Α.Α.
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Subject
Χρηματιστήριο Αξιών Αθηνών ; Ανάλυση επενδύσεων ; Δείκτες μετοχών ; Random walks (Mathematics)Abstract
The object of this study is to if and in what depth Athens Stock Exchange is an efficient market or not. In this context, it is set under investigation whether the return is correlated with the returns of the last five days or the prices are following a Random Walk.
The study is based on true values for the four basic indexes of ASE and 31 stocks varying in the size of capitalization.
Based on the results we came to the conclusion that ASE is not an efficient market, since the prices of stocks and indexes do not follow a Random Walk hypothesis.