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The Russian Stock Market: Can it Demonstrate Efficiency, albeit on a Small Scale?

Author

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  • Kavalenya Leonid N.

    (Budget and Treasury Academy of the Ministry of Finance of the Russian Federation)

Abstract

The article author uses statistical data to examine how the MICEX Index changed during the last decade. The researcher looks into the changes in the cumulative distribution functions for earnings and comes to the conclusion that the efficient market hypothesis is ungrounded and that the price formation patterns that are based on the assumption that the asset risk can be measured by the earning variances are erroneous.

Suggested Citation

  • Kavalenya Leonid N., 2010. "The Russian Stock Market: Can it Demonstrate Efficiency, albeit on a Small Scale?," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 15-24, October.
    • Handle: RePEc:fru:finjrn:100402:p:15-24
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