Does financial market liberalization increase the degree of market efficiency? The case of the Athens stock exchange

In this paper we assess if the financial market liberalization introduced in the beginning of the 1990s in Greece has changed the degree of market development (efficiency) by studying time-varying global Hurst exponents. Our results suggest that changes in financial market liberalization have important positive implications on the degree of development of stock markets. These results have important policy implications for the development of stock markets around the world.

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Year of publication:	2009
Authors:	Cajueiro, Daniel O. ; Gogas, Periklis ; Tabak, Benjamin M.
Published in:	International Review of Financial Analysis. - Elsevier, ISSN 1057-5219. - Vol. 18.2009, 1-2, p. 50-57
Publisher:	Elsevier
Keywords:	Greek stock market Global Hurst exponents Long memory Emerging markets Financial market liberalization

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004973405