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首页> 外文期刊>WSEAS Transactions on Business and Economics >A test of the efficient market hypothesis with regard to the exchange rates and the yield to maturity in Colombia
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A test of the efficient market hypothesis with regard to the exchange rates and the yield to maturity in Colombia

机译：关于哥伦比亚的汇率和到期收益率的有效市场假设的检验

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摘要

This article investigates the informational efficiency of the Colombian stock market with regard to the information contained in the exchange rates as well as the yield to maturity. Since the underlying data is non-normal with time-varying volatility we make use of tests that are based on bootstrap simulations with leverage adjustments in order to create reliable critical values. The results show that neither the exchange rates nor the yield to maturity is causing the stock price index. This is interpreted as empirical support for the efficient market hypothesis in that the Colombian stock market is with regard to these two main variables.
机译：本文就汇率中包含的信息以及到期收益率来研究哥伦比亚股票市场的信息效率。由于基础数据是非正态的，且具有随时间变化的波动性，因此我们使用基于自举模拟并进行杠杆调整的测试，以创建可靠的临界值。结果表明，汇率和到期收益率都不是导致股价指数的因素。这被解释为有效市场假说的经验支持，因为哥伦比亚股票市场涉及这两个主要变量。

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