Reza TALEBLOO, Kamran BARGHANDAN, Shahram SAEEDIAN

Evaluating efficiency of Tehran stock exchange: Case study for Top Fifty most active companies (TSE-50)

Son 10 yıldır, bilgi ekonomisi çok önemli gelişmeler kaydetmiştir. Bu bağlamda bilgi herhangi birpazarın verimliliği açısından çok önemli bir role haizdir. Bilginin borsanın verimliliğine ilişkinkullanımı 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 verimliliğinindeğerlendirilmesi zayıf, orta ve güçlü seviyelerde ortaya koyulabilmektedir. Bu çalışma, TahranBorsasındaki kısa ve uzun dönemli da lgalanmaları en aktif 50 şirket örneğinden hareketle zayıfseviyede analiz etmeyi amaçlamaktadır. Bulgular, kullanılan göstergelerin uzun dönemlidalgalanmalar için geçerli olmadığını ancak kısa dönemli dalgalanmalar için anlam ifade ettiğiniortaya koymuş tur.

Tahran Borsası nın verimliliğinin değerlendirilmesi: En aktif 50 Şirket örneği

Economics of information has been developing increasingly in economics literature in recentdecades. Accordingly, the information plays a crucial role in efficiency of any market particularlycapital market which deals more with this issue. As for the importance of information in stockexchange 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 - GeneralInformation and Confidential private information. Given these three types of information, marketefficiency is checked in three weak, semi-strong and strong levels, respectively. This paper inorder to examine the efficiency in the weak level employs a decomposed pattern with twostochas tic and random terms for Top Fifty most active companies (TSE -50) in Tehran stockexchange based on both long and short horizons. The findings demonstrate that the indicator doesnot have efficiency in long horizon. This is while; the efficiency is verifie d in short horizon.

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