Title: Is there a random character in a stock market? Some evidence from a small emerging market

Authors: Timotej Jagric, Sebastjan Strasek, Natasa Spes, Vita Jagric

Addresses: Department of Quantitative Economic Analysis, Faculty of Economics and Business, University of Maribor, Razlagova 14, 2000 Maribor, Slovenia. ' Department of Economic Policy, Faculty of Economics and Business, University of Maribor, Razlagova 14, 2000 Maribor, Slovenia. ' Department of Economic Policy, Faculty of Economics and Business, University of Maribor, Razlagova 14, 2000 Maribor, Slovenia. ' Department of Finance, Faculty of Economics and Business, University of Maribor, Razlagova 14, 2000 Maribor, Slovenia

Abstract: In the last decade, the financial industry in Slovenia developed rapidly. Nevertheless, the capital market is, according to our findings, still not efficient. However, the dynamic analysis in our study shows that the market is rapidly approaching the properties of developed markets. By adopting these properties, the Slovenian market will give additional boost to the economic activity and also make it more attractive for small firms. The main challenge for small business is to use these favourable trends and to represent an additional stimulation for further concentration of ownership in the companies listed on the stock exchange.

Keywords: stock markets; Hurst exponent; wavelet analysis; efficient market hypothesis; enterprise; Slovenia; emerging markets; small firms; small business; stock exchange.

DOI: 10.1504/IJMED.2007.014987

International Journal of Management and Enterprise Development, 2007 Vol.4 No.6, pp.652 - 673

Published online: 30 Aug 2007 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article