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Tahran Borsası’nın Verimliliğinin Değerlendirilmesi: En Aktif 50 Şirket Örneği

Evaluating Efficiency of Tehran Stock Exchange: Case Study for Top Fifty Most Active Companies (TSE-50)

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Abstract (2. Language): 
Economics of information has been developing increasingly in economics literature in recent decades. Accordingly, the information plays a crucial role in efficiency of any market particularly capital market which deals more with this issue. As for the importance of information in stock exchange efficiency, the market efficiency is studied under three data sets in three forms including: 1- Information concerning the past prices, 2- All the released information and, 3- General Information and Confidential private information. Given these three types of information, market efficiency is checked in three weak, semi-strong and strong levels, respectively. This paper in order to examine the efficiency in the weak level employs a decomposed pattern with two stochastic and random terms for Top Fifty most active companies (TSE-50) in Tehran stock exchange based on both long and short horizons. The findings demonstrate that the indicator does not have efficiency in long horizon. This is while; the efficiency is verified in short horizon.
Abstract (Original Language): 
Son 10 yıldır, bilgi ekonomisi çok önemli gelişmeler kaydetmiştir. Bu bağlamda bilgi herhangi bir pazarın verimliliği açısından çok önemli bir role haizdir. Bilginin borsanın verimliliğine ilişkin kullanımı bu çalışmada 3 başlık altında değerlendirilmiştir. 1) Geçmiş fiyatlara ilişkin bilgiler 2) Sahip olunan tüm bilgiler ve 3) Genel ve özel bilgiler. Bu bağlamda, pazarın verimliliğinin değerlendirilmesi zayıf, orta ve güçlü seviyelerde ortaya koyulabilmektedir. Bu çalışma, Tahran Borsası’ndaki kısa ve uzun dönemli dalgalanmaları en aktif 50 şirket örneğinden hareketle zayıf seviyede analiz etmeyi amaçlamaktadır. Bulgular, kullanılan göstergelerin uzun dönemli dalgalanmalar için geçerli olmadığını ancak kısa dönemli dalgalanmalar için anlam ifade ettiğini ortaya koymuştur.

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REFERENCES

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