Institut für Halle Institute for Economic Research Wirtschaftsforschung Halle Das Institut für Wirtschaftsforschung Halle ist Mitglied der Leibniz-Gemeinschaft Are European Equity Style Indexes Mean Reverting? Testing the Validity of the Efficient Market...

Are financial markets efficient? One proposition that seems to contradict this is Shiller's finding of excess volatility in asset prices and its resulting rejection of the discounted cash flow model. This paper replicates Shiller's approach for a different data set and extends his analysis by...

One empirical argument that has been around for some time and that clearly contra- dicts equity market efficiency is that market prices seem too volatile to be optimal estimates of the present value of future discounted cash flows. Based on this, it is deduced that systematic pricing errors...

Abstract: Viele Indizien aus der Historie der Aktienmärkte weisen auf Ineffizienz hin. Aber warum spielt die Effizienz der Aktienmärkte eine Rolle? Da sie eine zentrale Voraussetzung für hohes volkswirtschaftliches Wachstum darstellt. (Mishkin und Eakins, 2006, S. 3-4)In drei Aufsätzen...

The article analyzes the Conference Board and OECD Composite Leading Indicator on its prognosis goodness of the American gross domestic product. To this both indicators individually are introduced and are examined with the help of in sample and out of sample methods. Special value is put...