The Stock Market between Classical and Behavioral Hypotheses: An Empirical Investigation of the Warsaw Stock Exchange

  • Mostafa Raeisi Sarkandiz Department of Management and Economics, University of Tabriz, Iran
  • Robabeh Bahlouli Department of Management and Economics, University of Tabriz, Iran
Keywords: Efficient Market Hypothesis, Informational Efficiency, Adaptive Market Hypothesis, Fractal Market Hypothesis, Warsaw Stock Exchange


In empirical studies of the efficient market hypothesis using a classic approach, attention has generally been paid to the weak form of performance; other aspects of efficiency, such as informational efficiency, have not been addressed. Also, the study of alternative theories, such as behavioral hypotheses, is neglected. This article seeks to investigate not only the weak and informational forms of the efficient market hypothesis, but also to test the adaptive and fractal market hypotheses as two alternative theories by conducting an empirical study on the Warsaw Stock Exchange.


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How to Cite
Raeisi Sarkandiz, M., & Bahlouli, R. (2019). The Stock Market between Classical and Behavioral Hypotheses: An Empirical Investigation of the Warsaw Stock Exchange. Econometric Research in Finance, 4(2), 67 - 88.
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