E of I s and f m

Udayan Kumar Basu

Abstract: Efficiency of financial markets has been engaging the attention of econophysicists for quite some time. Apart from theoretical implications, it also has immense practical importance for investors. Some idea of the possible direction of future movements of share prices would bring substantial gains. But, market efficiency would ensure quick percolation of information across all categories of investors, and smother all serial correlations among successive movements of share prices. For estimating the efficiency of financial markets, an examination of such serial correlations among the prices or rates of return prevailing in the market is useful. Besides, such autocorrelations can also throw some light on how liquid the market is or how smooth the market operations are, because a perfect liquid market does not permit such correlations to persist. The liquidity and efficiency of markets control the degree of correlations that is compatible with a near absence of arbitrage opportunity.

C f l at N Stock Exechange

Report from Indo-Asian News Service brought to you by HT Syndication.
Mumbai, Aug. 29 -- Finance Minister P. Chidambaram Friday kicked off currency futures at the National Stock Exchange (NSE) here in a move that is particularly expected to help small- and mid-sized companies to hedge their risks while dealing in foreign exchange.

The first deal at the exchange-traded futures began at 8:45 a.m. with a lot size of $1,000 each, and within three hours, as many as 19,871 contracts had been executed, data with the stock exchange showed.

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