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Testing weak form informational efficiency on the Romanian capital market



    (Bucharest Academy of Economic Studies)

  • Eugen MITRICĂ

    (Bucharest Academy of Economic Studies)


The informational efficiency of the Romanian capital market was previously studied, by different approaches. The first condition that needs verification is that of weak form informational efficiency. The present paper aims to make contributions in this direction, namely to test weak form efficiency, on a sample composed of recent data, collected from the most liquid companies listed on our country’s capital market. For this approach, we use the unit root tests. The results are useful to potential investors, interested to find out whether they can or cannot obtain excessive earnings, by studying stock prices history.

Suggested Citation

  • Andrei STĂNCULESCU & Eugen MITRICĂ, 2012. "Testing weak form informational efficiency on the Romanian capital market," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(9(574)), pages 29-36, September.
  • Handle: RePEc:agr:journl:v:9(574):y:2012:i:9(574):p:29-36

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    References listed on IDEAS

    1. Edward Glaeser & Giacomo Ponzetto & Andrei Shleifer, 2007. "Why does democracy need education?," Journal of Economic Growth, Springer, vol. 12(2), pages 77-99, June.
    2. Dolton, Peter J. & Silles, Mary A., 2008. "The effects of over-education on earnings in the graduate labour market," Economics of Education Review, Elsevier, vol. 27(2), pages 125-139, April.
    3. Kevin Milligan & Enrico Moretti & Philip Oreopoulos, 2003. "Does Education Improve Citizenship? Evidence from the U.S. and the U.K," NBER Working Papers 9584, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Pasca Lucian, 2015. "Testing The Weak-Form Efficiency Of The Romanian Capital Market By Assessing The Random Walk-Like Behaviour Of Stock Prices," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 264-269, April.
    2. repec:eco:journ1:2017-03-13 is not listed on IDEAS


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