N N113 308338 3083/B/H03/2010/38
2010-2013
Efficiency of polish capital market and rationality of polish investors, National Science Center (NCN) Ministry of Science and Higher Education Grant.
1H02C11227 KBN
2004-2007
Informational Efficiency of the Polish Capital Market and Rationality of Polish Individual Investors, State Committee for Scientific Research Grant
Research within these two grants can be categorized into six major research areas:
analysis of the informational efficiency in a week form of the Polish capital market, analysis of the informational efficiency in a semi-strong of the Polish capital market, analysis of the informational efficiency in a strong form of the Polish capital market and the investment strategies of the investment funds, empirical verification of the selected capital asset pricing models and portfolio theory, individual investors decision on the Warsaw Stock Exchange research including behavioral aspects, research on Polish debt market.
The research within this project study included both an empirical verification of the hypothesis of informational efficiency of the market (in all its forms: a strong, semi-strong and weak), an empirical analysis of the observed return rates using sophisticated econometric methods and statistical analysis of the observed behavior of investors, including professional investors using classical decision theories and behavioral approach.
1H02C03218
2000-2002
Informational Efficiency of Financial Markets in Poland, KBN State Committee for Scientific Research Grant
Informational effectiveness of the Polish stock market and the foreign currency markets has been analyzed within this research project. The main results support the conclusion of no significant inefficiencies observed in the Polish financial market. However some anomalies have been identified during the research, such capitalization and P / E effects, the positive correlation of short-term rates of return. Such anomalies can be observed on capital markets in other countries. The empirical verification of the inability of the technical analysis methods to allow extraordinary profits in a systematic way has been conducted.