The efficient market hypothesis (EMH) and its applicability to the Bulgarian stock exchange
Vartigov, Severin Stefanov
Cardiff Metropolitan University
MetadataShow full item record
This study examines the applicability of the efficient market hypothesis on the Bulgarian stock exchange. Fama (1970) and his followers are on the opinion that markets could not be predicted as they are moving in a random manner. Furthermore, they believe that the relevant market information is fairly distributed between investors and is incorporated in the current market price in every single moment. On the other hand, the opponents of the efficient market hypothesis claim that emotions are the main drivers of price movements which could lead to the creation of significant inefficiencies like market bubbles. Additionally, according to scholars and practicians rejecting the EMH, stock prices could be predicted by using different analytical tools. The first part of the dissertation includes the main objectives of the study and the relevant research questions. The second chapter presents the vast amount of literature regarding the efficient markets as well as studies revealing the level of efficiency of other emerging markets. The methodology section presents the main techniques applied by the author. As the aim of this research is to reveal the level of efficiency of the local market the author applied a deductive approach. The findings and analysis chapters include the outcomes of the survey and comparison between the conclusion of the secondary and primary research. The last two chapters provide conclusions and recommendations with regard to the level of efficiency of the Bulgarian stock market, the predictive power of different analytical tools and the additional analysis needed to be conducted.
Master of Business Administration
Showing items related by title, author, subject and abstract.
Evaluation of the Impact of Financial Sector Reforms on Stock Market Efficiency: The Case of Egypt Saleh, Mohamed (Cardiff Metropolitan University, 2020)This thesis aims at contributing to the literature on the Egyptian stock market efficiency by empirically conducting a financial sector reforms impact assessment on the efficiency of the stock market at large as measured ...
A case study of the application of long run incremental cost models in the jordanian telecommunications industry over the period 2006 - 2012: Performance, efficiency and implementation issues Jwaifel, Abdullah Mahmoud (Cardiff Metropolitan University, 2017)The thesis examines the impact of the introduction, in 2009, of Long-Run Incremental Costing (LRIC) on the performance and efficiency of the wholesale market of the Jordanian Telecommunications Industry (JTI); an oligopoly ...
Sulaiman, Sumir (Cardiff Metropolitan University, 2018-06)Efficiency in SCM is growing concern in every organisation. Any issues in SCM will directly affect the revenue of the organisation. SCM team will have to review process at every interval to see what is going well and what ...