This study examines the long- and short-run relationship between private consumption, housing wealth, stock market wealth and income. In order to asses this relationship empirically, we use pooled mean group estimators of dynamic heterogeneous panel data on a sample of 30 developed and emerging...

A consistent theme in the market efficiency literature has concerned the presence of calendar anomalies or seasonality in stock market returns. Whereas calendar anomalies in advanced equity markets have been investigated extensively, the stock markets in the transition economies have received...

The temporary convergence of beliefs and actions is a possibility. Positive feedback trading as a stock exchange trading strategy is commonly used as one of the oldest theories about fi nancial markets. Sentana-Wadhwani model was used to test Positive feedback trading. Even though the model...

The research about the existence of seasonal behavior in return and volatility of Macedonian Stock Exchange is done. Under different model specifications the hypothesis if mean returns are significantly different in the five trading days is tested. The evidence of existence of predictable...