Please use this identifier to cite or link to this item: https://apothesis.eap.gr/handle/repo/31387
Title: Greek capital market. Efficiency vs Inefficiency
Authors: GIOUVRITSA, THEODORA
Keywords: Greek capital market
Issue Date: Oct-2016
Abstract: The current paper examines if there is evidence about market efficiency in the Greek capital market (Athens Stock Exchange). Furthermore, we will attempt to find a good model for the explanation of general index in order to create an efficient and diversified portfolio. In the 1970s Eugene Fama, defined an efficient financial market as the one in which prices incorporate immediately all the available information in such a way that there are no possibilities to earn profits based on past information. There are three forms of market efficiency: weak, semi-strong and strong. The markets efficiency it was, is and it will be one of the most important financial issue and it is a central research topic for many economists as it relates to the nature of investors’ expectation, their ability to forecast market changes and if it’s possible to “beat the market” in order to make decisions at the right time and to maximize investors’ profits. Therefore, the Efficient Market Hypothesis is the cornerstone of the modern financial theory. Our findings are consistent to earlier studies which have been made during the years and have been tested for the degree that they fulfil the hypothesis. If market is efficient then investors do not earn in the long run. On the contrary, if market is not efficient, market prices may not at all times rationally reflect all information with result the existence of arbitrage opportunities. The truth is that the market at some point is inefficient and that’s why it’s important to investigate the EMH periodically. The second chapter deals with the conceptual content and the presentation of the efficient market hypothesis. The third chapter describes the stock valuation methods while the fourth chapter examines the case of Greek capital market. The selection of the model and the presentation of the stocks is presented in chapter five while in chapter six is presented the statistical analysis for the model and its validity. It is applied the linear regression using the least square method for model estimation while in order to address the autocorrelation problem is used another econometric approach with the help of EXCEL, SPSS and EVIEWS. Finally, the results of the above study are illustrated in chapter seven.
Appears in Collections:MBA Διπλωματικές Εργασίες

Files in This Item:
File Description SizeFormat 
Giouvritsa_Theodora_MBA_Dissertation.pdfΚυρίως σώμα διπλωματικής2.98 MBAdobe PDFView/Open


Items in Apothesis are protected by copyright, with all rights reserved, unless otherwise indicated.