Following the consequences of the global financial crises, transparency and efficiency conditions of a local economic system have become important remedies for restoring of financial markets. This study provides measure of transparency and efficiency with correlation to liquidity and volatility and is taking into account the stock price reaction of emerging financial stock markets of Eastern Europe area and Turkey. We find that observed countries don’t fully answer the expected sign of transparency, liquidity and risk measure, which meets the innovation from previous works (Berglöf, Pajuste, 2005). It raises doubts concerning functioning of legal basement in these countries and affects the decisions about investments. In line with previous research (Ivanov, Lomev and Bogdanova, 2012) our findings show that these countries don’t prove to have certain transparency expectations, which could result in a limited access to market information and in a decrease of market efficiency.
Volatility and liquidity in Eastern Europe financial markets under efficiency and transparency conditions
ALIANO, MAURO
2015-01-01
Abstract
Following the consequences of the global financial crises, transparency and efficiency conditions of a local economic system have become important remedies for restoring of financial markets. This study provides measure of transparency and efficiency with correlation to liquidity and volatility and is taking into account the stock price reaction of emerging financial stock markets of Eastern Europe area and Turkey. We find that observed countries don’t fully answer the expected sign of transparency, liquidity and risk measure, which meets the innovation from previous works (Berglöf, Pajuste, 2005). It raises doubts concerning functioning of legal basement in these countries and affects the decisions about investments. In line with previous research (Ivanov, Lomev and Bogdanova, 2012) our findings show that these countries don’t prove to have certain transparency expectations, which could result in a limited access to market information and in a decrease of market efficiency.File | Dimensione | Formato | |
---|---|---|---|
gall_al_paima.pdf
Solo gestori archivio
Tipologia:
versione editoriale (VoR)
Dimensione
440.1 kB
Formato
Adobe PDF
|
440.1 kB | Adobe PDF | Visualizza/Apri Richiedi una copia |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.