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| Author: | Chun, R.M. |
| Title: | Compensation vouchers and equity markets: Evidence from Hungary |
| Journal: | Journal of Banking and Finance
2000 : JUL, VOL. 24:7, p. 1155-1178 |
| Index terms: | Stock markets Privatization Transition economies Hungary Eastern Europe |
| Freeterms: | Vouchers |
| Language: | eng |
| Abstract: | One of Hungary's policies during the transition from a centrally planned to a market economy was the issuance of compensation vouchers. The coupons were actively traded on the Budapest Stock Exchange (BSE). This paper examines the intertemporal behaviour of the Hungarian voucher and equity markets in an effort to assess the efficiency of these markets and to gauge the degree of interaction btw. the 2 different assets. Evidence from variance ratio tests indicates among others that stock and voucher trading are each individually weakly efficient. |
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