Market Efficiency within the German Stock Market: A Comparative Study of the Relative Efficiencies of the DAX, MDAX, SDAX and ASE Indices
It can be implied from the efficient market hypothesis that the more transparent a market is, then the more likely that the market will be efficient. This paper is a study of whether the different transparency standards applied to the different indices quoted on the German stock market have any impact on their relative efficiencies. It is found that the differences in transparency standards do have an impact on market efficiency. The case for a higher level of market efficiency in respect to Prime Standard index stocks is reinforced by the additional finding that calendar anomaly effects appear to have only limited statistical significance.
Volume (Year): 3 (2011)
Issue (Month): 1 (April)
|Contact details of provider:|| Postal: |
Phone: + 90 312 447 51 95
Fax: + 90 312 447 51 95
Web page: http://www.era.org.tr/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Chris Fawson & Terry Glover & Wenshwo Fang & Tsangyao Chang, 1996. "The weak-form efficiency of the Taiwan share market," Applied Economics Letters, Taylor & Francis Journals, vol. 3(10), pages 663-667.
- Burton G. Malkiel, 2003. "The Efficient Market Hypothesis and Its Critics," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 59-82, Winter.
- Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
- Cornett, Marcia Millon & Schwarz, Thomas V. & Szakmary, Andrew C., 1995. "Seasonalities and intraday return patterns in the foreign currency futures market," Journal of Banking & Finance, Elsevier, vol. 19(5), pages 843-869, August.
- Fama, Eugene F, 1991. " Efficient Capital Markets: II," Journal of Finance, American Finance Association, vol. 46(5), pages 1575-617, December.
When requesting a correction, please mention this item's handle: RePEc:erh:journl:v:3:y:2011:i:1:p:25-37. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (M. F. Cosar)
If references are entirely missing, you can add them using this form.