Tests of Financial Markets Efficiency for Thirteen Small European Countries

This paper studies the characteristics of thirteen small European stock markets, in order to find international support for the presence of efficiency in financial markets. The thirteen bourses are located in Belgium, Denmark, Finland, Greece, Ireland, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and Turkey. The paper tests the Overreaction and Uncertain Information Hypotheses by examining the behavior of these markets over a 60-day period following positive or negative market disruptions. The conclusions are that for this particular time lag most small European stock markets operate under efficient conditions.

Download Paper

Paper Number
01-20
Year
2001