Saturday, 12 April 2008: 10:00
The stock exchange market in Poland has been created from the scratch after the political system transformation. The new Warsaw Stock Exchange (WSE) started in 1991 and till the end of 2006, the number of securities quoted rose 36 times and capitalization - 6000 times. Regardless the visible development WSE is still an emerging market.
We can observed that it is still developing (in order to became “developed market”). The level of developeness is often analyzing with reference to efficiency of the market. We can say that the capital market is efficient if the prices at the market fully reflect all available information. The aim of the presented research is to analyze current situation at the Warsaw Stock Exchange. Particularly we investigate the week form of efficiency using variance ratio test, that was proposed by Lo and McKinlay (1988).