Journals / Uluslararası İktisadi ve İdari İncelemeler Dergisi / 2008 / Sayı: 1
TESTING WEAK AND SEMI-STRONG FORM EFFICIENCY OF STOCK EXCHANGES IN EUROPEAN MONETARY UNION COUNTRIES: PANEL DATA CAUSALITY AND CO-INTEGRATION ANALYSIS
- Issue
- 2008 · Sayı: 1
- Pages
- 1–1
- DOI
- —
Abstract
This study investigated that whether or not there is weak and semi-strong form efficiency of stock ex-changes in European Monetary Union Countries with panel data variables stock market price index, con-sumer price index, purchasing power of euro, unemployment. In order to test the weak form efficiency, we used panel unit root tests and also for the testing semi-strong form efficiency panel co-integration and causality analysis. The result from unit root analysis show that stock markets of European Monetary Un-ion countries is weak efficient. According to results of co-integration and causality analysis, some coun-tries aren’t semi-strong form efficient.
Özet
This study investigated that whether or not there is weak and semi-strong form efficiency of stock ex-changes in European Monetary Union Countries with panel data variables stock market price index, con-sumer price index, purchasing power of euro, unemployment. In order to test the weak form efficiency, we used panel unit root tests and also for the testing semi-strong form efficiency panel co-integration and causality analysis. The result from unit root analysis show that stock markets of European Monetary Un-ion countries is weak efficient. According to results of co-integration and causality analysis, some coun-tries aren’t semi-strong form efficient.