Semi-strong information efficiency of the polish stock exchange market in various market situations

Abstract

The aim of this paper is determining the level of information efficiency at the semi-strong stage of the largest Polish companies on the stock market (covered by WIG20 index) in different market conditions. To achieve this aim the author decided to create a graphic representation of semistrong information efficiency. In the paper the author analyses the Polish stock market indicators in the years 2005-2008. The study examine a linear relationship between P/E, P/BV ratio and the rate of return. As the indicator in analysis is used direction of slope of the regression line. In this research is analyzed the character and size of regression coefficient.