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The Stock Market between Classical and Behavioral Hypotheses: An Empirical Investigation of the Warsaw Stock Exchange

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  • Mostafa Raeisi Sarkandiz

    (University of Tabriz, Department of Economics and Management)

  • Robabeh Bahlouli

    (University of Tabriz, Department of Economics and Management)

Abstract

In empirical studies of the efficient market hypothesis using a classic approach, attention has generally been paid to the weak form of performance; other aspects of efficiency, such as informational efficiency, have not been addressed. Also, the study of alternative theories, such as behavioral hypotheses, is neglected. This article seeks to investigate not only the weak and informational forms of the efficient market hypothesis, but also to test the adaptive and fractal market hypotheses as two alternative theories by conducting an empirical study on the Warsaw Stock Exchange.

Suggested Citation

  • Mostafa Raeisi Sarkandiz & Robabeh Bahlouli, 2019. "The Stock Market between Classical and Behavioral Hypotheses: An Empirical Investigation of the Warsaw Stock Exchange," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 4(2), pages 67-88, December.
    • Handle: RePEc:sgh:erfinj:v:4:y:2019:i:2:p:67-88
    DOI: 10.33119/ERFIN.2019.4.2.1
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    Cited by:

    1. Mostafa R. Sarkandiz, 2023. "Forecasting the Turkish Lira Exchange Rates through Univariate Techniques: Can the Simple Models Outperform the Sophisticated Ones?," Papers 2302.08897, arXiv.org.

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    More about this item

    Keywords

    efficient market hypothesis; informational efficiency; adaptive market hypothesis; fractal market hypothesis; Warsaw Stock Exchange;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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