G15 - International Financial MarketsReturn

In efficient markets, asset prices perform a random walk. Excessive returns cannot be repeatedly and systematically achieved in such markets. To test the weak form of market efficiency, statistical tests are used to identify dependencies in the movements of asset prices. This paper deals with testing of the weak form of market efficiency using daily data of the development of stock indices on the Czech, Polish, German and Dutch markets in the period 2001-2022. The article uses the runs test, the autocorrelation analysis, two variants of the unit root test and the variance ratio test. The results of the tests performed are mixed. The weakly efficient behavior of the investigated markets was pointed out only by the runs tests and partly by the autocorrelation analysis. According to the runs test, only the Dutch market behaved weakly efficiently in all monitored periods, while the Czech, Polish and German markets behaved weakly efficiently in four of the five monitored periods. Autocorrelation analysis indicated the occurrence of the random walk in some periods especially on the Polish market, partly on the Czech market and rarely on the German market.

Part of the representation of the European Union chose a tax on financial transactions from a range of possible tax burden on the financial market, which began to discuss in relating to the effects the financial crisis. The aim of the article was to deal with the financial transaction tax in the context of selected theorists view as well as representatives of practice. Furthermore, the article presents a range of possible approaches with the intention to focus on the solution chosen and its risks in detail. The objectives that its supporters connect with the application of tax are evaluated in the conclusion of the article. A financial transaction tax does not include stabilizing factors. On the contrary, due to its introduction can be expected to strengthen the elements of instability in selected countries of the European Union.