Do market participants learn? The case of the Budapest Stock Exchange

Anna Zalewska-Mitura, Stephen G. Hall

Research output: Contribution to journalArticlepeer-review

3 Citations (SciVal)


In the paper we consider one of the faster growing Central European emerging markets: the Budapest Stock Exchange (BSE), in order to see whether the market becomes more weak-form efficient over time. The Hungarian exchange is selected because it is the oldest stock exchange operating in the region and, in 1995, it was the first Central European exchange admitted by the London Stock Exchange as a properly regulated stock exchange. As an econometric tool for comparative analysis, we use a Test for Evolving Efficiency (TEE). In a comparison of nine stocks and the market index (BUX) we found that the BSE becomes more mature but the process is surprisingly slow.

Original languageEnglish
Pages (from-to)3-18
Number of pages16
JournalEconomics of Planning
Issue number1-2
Publication statusPublished - 1 Jan 2000


  • C22
  • G14
  • G15

ASJC Scopus subject areas

  • Economics and Econometrics


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