메뉴 건너뛰기




Volumn 15, Issue 2, 2004, Pages 103-123

Financial market liberalization and stock market efficiency: Evidence from the Athens Stock Exchange

Author keywords

Athens Stock Exchange; Efficiency; Market integration; Market liberalization; Market volatility

Indexed keywords


EID: 4644355524     PISSN: 10440283     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.gfj.2004.06.001     Document Type: Article
Times cited : (33)

References (37)
  • 2
    • 4644263224 scopus 로고    scopus 로고
    • The efficient hypothesis and deregulation
    • N. Apergis & S. Papanastasiou The efficient hypothesis and deregulation Applied Economics 29 1997 111-117
    • (1997) Applied Economics , vol.29 , pp. 111-117
    • Apergis, N.1    Papanastasiou, S.2
  • 3
    • 0008348010 scopus 로고    scopus 로고
    • Chaos in an emerging capital market? The case of the Athens Stock Exchange
    • J. Barkoulas & N. Travlos Chaos in an emerging capital market? The case of the Athens Stock Exchange Applied Financial Economics 8 1998 231-243
    • (1998) Applied Financial Economics , vol.8 , pp. 231-243
    • Barkoulas, J.1    Travlos, N.2
  • 7
    • 4644269073 scopus 로고    scopus 로고
    • Capital outflow liberalization and stock market reaction in an emerging market: Experience from Greece
    • G. Chortareas T. Ritsatos & J. Sfiridis Capital outflow liberalization and stock market reaction in an emerging market: Experience from Greece Journal of Economics and Finance 24 2000 77-89
    • (2000) Journal of Economics and Finance , vol.24 , pp. 77-89
    • Chortareas, G.1    Ritsatos, T.2    Sfiridis, J.3
  • 9
    • 4644312847 scopus 로고    scopus 로고
    • Security price anomalies in an emerging market: The case of the Athens Stock Exchange
    • J.A. Coutts C. Kaplanidis & J. Roberts Security price anomalies in an emerging market: The case of the Athens Stock Exchange Applied Financial Economics 10 2000 561-571
    • (2000) Applied Financial Economics , vol.10 , pp. 561-571
    • Coutts, J.A.1    Kaplanidis, C.2    Roberts, J.3
  • 12
    • 0000480869 scopus 로고
    • Efficient capital markets: A review of the theory and empirical work
    • E.F. Fama Efficient capital markets: A review of the theory and empirical work Journal of Finance 25 1970 383-416
    • (1970) Journal of Finance , vol.25 , pp. 383-416
    • Fama, E.F.1
  • 13
    • 0009673841 scopus 로고
    • Porfolio investment flows to developing countries
    • Working paper The World Bank
    • Gooptu S. 1993 Porfolio investment flows to developing countries Working paper The World Bank
    • (1993)
    • Gooptu, S.1
  • 15
    • 0008999383 scopus 로고    scopus 로고
    • Do stock market liberalization cause investment booms?
    • Working paper MIT
    • Henry P.B. 1997 Do stock market liberalization cause investment booms? Working paper MIT
    • (1997)
    • Henry, P.B.1
  • 16
    • 84981579311 scopus 로고
    • Maximum likelihood estimation and inferences on cointegration-With applications to the demand for money
    • S. Johansen & K. Juselius Maximum likelihood estimation and inferences on cointegration-With applications to the demand for money Oxford Bulletin of Economics and Statistics 52 1991 169-210
    • (1991) Oxford Bulletin of Economics and Statistics , vol.52 , pp. 169-210
    • Johansen, S.1    Juselius, K.2
  • 17
    • 0033228138 scopus 로고    scopus 로고
    • Financial liberalization and stock market efficiency: An empirical examination of nine emerging market countries
    • H. Kawakatsu & M.R. Morey Financial liberalization and stock market efficiency: An empirical examination of nine emerging market countries Journal of Multinational Financial Management 9 1999 353-371
    • (1999) Journal of Multinational Financial Management , vol.9 , pp. 353-371
    • Kawakatsu, H.1    Morey, M.R.2
  • 18
    • 0041029369 scopus 로고    scopus 로고
    • Stock market openings: Experience of emerging economies
    • E.H. Kim & V. Singal Stock market openings: Experience of emerging economies Journal of Business 73 1 2000 25-66
    • (2000) Journal of Business , vol.73 , Issue.1 , pp. 25-66
    • Kim, E.H.1    Singal, V.2
  • 19
    • 0034638539 scopus 로고    scopus 로고
    • The fear of globalizing capital markets
    • E.H. Kim & V. Singal The fear of globalizing capital markets Emerging Markets Review 1 2000 183-198
    • (2000) Emerging Markets Review , vol.1 , pp. 183-198
    • Kim, E.H.1    Singal, V.2
  • 21
    • 34247480179 scopus 로고
    • Testing the null hypothesis of stationarity against the alternative of a unit root
    • D. Kwiatkowski Phillips P.C.B. Schmidt P. & Y. Shin Testing the null hypothesis of stationarity against the alternative of a unit root Journal of Econometrics 54 1992 159-178
    • (1992) Journal of Econometrics , vol.54 , pp. 159-178
    • Kwiatkowski, D.1    Phillips, P.C.B.2    Schmidt, P.3    Shin, Y.4
  • 22
    • 5844386511 scopus 로고    scopus 로고
    • Distributional properties and weekly return patterns of the Athens Stock Exchange
    • N.T. Laopodis Distributional properties and weekly return patterns of the Athens Stock Exchange Applied Economics Letters 3 1996 769-774
    • (1996) Applied Economics Letters , vol.3 , pp. 769-774
    • Laopodis, N.T.1
  • 23
    • 4644239982 scopus 로고    scopus 로고
    • Financial market liberalization and stock market efficiency: The case of Greece
    • N.T. Laopodis Financial market liberalization and stock market efficiency: The case of Greece Managerial Finance 29 3 2003 25-42
    • (2003) Managerial Finance , vol.29 , Issue.3 , pp. 25-42
    • Laopodis, N.T.1
  • 24
    • 84977729848 scopus 로고
    • A variance ratio test of random walks in foreign exchange rate
    • C.Y. Liu & J.I. He A variance ratio test of random walks in foreign exchange rate Journal of Finance 46 1991 773-785
    • (1991) Journal of Finance , vol.46 , pp. 773-785
    • Liu, C.Y.1    He, J.I.2
  • 25
    • 0000240786 scopus 로고
    • Rationality of survey data and tests for market efficiency in the foreign exchange markets
    • C.Y. Liu & G.S. Maddala Rationality of survey data and tests for market efficiency in the foreign exchange markets Journal of International Money and Finance 11 1992 366-381
    • (1992) Journal of International Money and Finance , vol.11 , pp. 366-381
    • Liu, C.Y.1    Maddala, G.S.2
  • 26
    • 0002484986 scopus 로고
    • Stock market prices do not follow random walks: Evidence from a simple specification test
    • A. Lo & C. MacKinlay Stock market prices do not follow random walks: Evidence from a simple specification test Review of Financial Studies 1 1988 41-66
    • (1988) Review of Financial Studies , vol.1 , pp. 41-66
    • Lo, A.1    MacKinlay, C.2
  • 27
    • 0000706085 scopus 로고
    • A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix
    • Econometric Society
    • W.K. Newey & K.D. West A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Econometrica 55 3 1987 703-708 Econometric Society
    • (1987) Econometrica , vol.55 , Issue.3 , pp. 703-708
    • Newey, W.K.1    West, K.D.2
  • 28
    • 84963002108 scopus 로고
    • Automatic lag selection in covariance matrix estimation
    • W. Newey & K. West Automatic lag selection in covariance matrix estimation Review of Economic Studies 61 1994 631-653
    • (1994) Review of Economic Studies , vol.61 , pp. 631-653
    • Newey, W.1    West, K.2
  • 29
    • 33947356187 scopus 로고    scopus 로고
    • Random walks and market efficiency tests of Latin American emerging equity markets: A revisit
    • K. Ojah & D. Karemera Random walks and market efficiency tests of Latin American emerging equity markets: A revisit The Financial Review 34 1999 57-72
    • (1999) The Financial Review , vol.34 , pp. 57-72
    • Ojah, K.1    Karemera, D.2
  • 30
    • 84948891696 scopus 로고
    • The behavior of Athens stock prices
    • E.E. Panas The behavior of Athens stock prices Applied Economics 22 1990 1715-1727
    • (1990) Applied Economics , vol.22 , pp. 1715-1727
    • Panas, E.E.1
  • 32
    • 0002158052 scopus 로고
    • Mean reversion in stock prices: Evidence and implications
    • J.M. Poterba & L.H. Summers Mean reversion in stock prices: Evidence and implications Journal of Financial Economics 22 1988 27-59
    • (1988) Journal of Financial Economics , vol.22 , pp. 27-59
    • Poterba, J.M.1    Summers, L.H.2
  • 33
    • 0036169823 scopus 로고    scopus 로고
    • Modelling volatility and testing for efficiency in emerging capital markets: The case of the Athens Stock Exchange
    • G.D. Siourounis Modelling volatility and testing for efficiency in emerging capital markets: The case of the Athens Stock Exchange Applied Financial Economics 12 2002 47-55
    • (2002) Applied Financial Economics , vol.12 , pp. 47-55
    • Siourounis, G.D.1
  • 34
    • 0000170978 scopus 로고
    • Testing the efficiency of the Athens Stock Exchange: Some results from the banking sector
    • T. Stengos & E. Panas Testing the efficiency of the Athens Stock Exchange: Some results from the banking sector Empirical Economics 17 1992 239-252
    • (1992) Empirical Economics , vol.17 , pp. 239-252
    • Stengos, T.1    Panas, E.2
  • 35
    • 0006042406 scopus 로고    scopus 로고
    • International porfolio flows and security markets
    • Working paper Ohio State University
    • Stultz R. 1997 International porfolio flows and security markets Working paper Ohio State University
    • (1997)
    • Stultz, R.1
  • 36
    • 84993825396 scopus 로고
    • Test of random walk and market efficiency for Latin America emerging equity markets
    • J. Urrutia Test of random walk and market efficiency for Latin America emerging equity markets Journal of Financial Research 18 1995 299-309
    • (1995) Journal of Financial Research , vol.18 , pp. 299-309
    • Urrutia, J.1
  • 37
    • 0005602235 scopus 로고    scopus 로고
    • Financial integration and market efficiency: Some international evidence from cointegration tests
    • K.H. Yuhn Financial integration and market efficiency: Some international evidence from cointegration tests International Economic Journal 11 2 1997 103-116
    • (1997) International Economic Journal , vol.11 , Issue.2 , pp. 103-116
    • Yuhn, K.H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.