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Abstract: The objective of this paper is to analyze and compare the fractal structure of the Croatian and Hungarian stock market returns. The presence of long memory components in asset returns provides evidence against the weak-form of stock market effi ciency. The starting working hypothesis that there is no long memory in the Croatian and Hungarian stock market returns is tested by applying the Kwiatkowski-Phillips-Schmidt-Shin (KPSS) (1992) test, Loʼs (1991) modified rescaled range (R/S) test, and the wavelet ordinary least squares (WOLS) estimator of Jensen (1999). The research showed that the WOLS estimator may lead to different conclusions regarding long memory presence in the stock returns from the KPSS and unit root tests or Loʼs R/S test. Furthermore, it proved that the fractal structure of individual stock returns may be masked in aggregated stock market returns (i.e. in returns of stock index). The main finding of the paper is that both the Croatian stock index Crobex and individual stocks in this index exhibit long memory. Long memory is identified for some stocks in the Hungarian stock market as well, but not for the stock market index BUX. Based on the results of the long memory tests, it can be concluded that while the Hungarian stock market is weak form efficient, the Croatian stock market is not.
Keywords: stock market, long memory, efficient-market hypothesis, Croatia, Hungary
Published in DKUM: 18.07.2017; Views: 1163; Downloads: 100
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Abstract: The master’s thesis deals with linguistic relativism in the case of grammatical gender and number of two languages: English and Slovene. Firstly, the thesis presents the origins of Sapir-Whorf hypothesis, which is of significant importance for the development of linguistic relativism. The hypothesis met with a wide response amongst researchers: some agreed with the ideas, whereas others did not. Linguistic relativism suggests that the language one speaks shapes their perception of the world. In order to prove such statement, several experiments were conducted. In addition, the thesis outlines the main characteristics of grammatical gender and number in English and the Slovene language. The empirical part includes the analysis of the results of the experiment that was conducted amongst native speakers of English and native speakers of the Slovene language. Both qualitative and quantitative approaches were used for the interpretation of the results. The results show limited influence of the structure of language on the linguistic processing of the speakers, thus only partially supporting Sapir-Whorf hypothesis. In the case of gender categorization the results showed that the Slovene speakers were affected by the grammatical gender. In this respect we can say that language can influence our perception of the world. In the case of grammatical number the Slovene speakers were not more sensitive to the dual. The results thus show limited influence of the structure of language on the linguistic processing of the speakers, thus only partially supporting the Sapir-Whorf hypothesis.
Keywords: Sapir-Whorf hypothesis, linguistic relativism, language and thought, grammatical gender and number, experiment
Published in DKUM: 15.02.2016; Views: 2149; Downloads: 139
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