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1 Ekonomický časopis (Journal of Economics)

1 2015

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ADAPTIVE MARKETS HYPOTHESIS AND THE BRIC SHARE MARKETS

100%

Árendáš P. , Chovancová B.

Ekonomický časopis (Journal of Economics)

2015

tom 63

nr 10

1003 – 1018

The efficient market theory is one of the most controversial economic theories of the last half-century. The market efficiency has been topic of various studies, but the results are mixed. Although some of the studies confirmed efficiency of a market, another studies often rejected it. As a result, the adaptive market hypothesis was formulated. It says that the ability of share prices to reflect all the available information changes over time. This paper analyses the development of weak-form market efficiency of BRIC share markets. It shows that although the BRIC share markets are weak-form inefficient in the long-term, there are some shorter time periods of weak-form efficiency that alternate with periods of weak-form inefficiency. It means that technical and fundamental analysis can be used on BRIC share markets to generate returns superior to returns of the market portfolio.