Adaptive market hypothesis: insights from BRIC-T countries' stock markets

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dc.authorid0000-0003-4150-4101
dc.contributor.authorÖzekenci, Süreyya Yılmaz
dc.date.accessioned2026-02-27T11:04:40Z
dc.date.available2026-02-27T11:04:40Z
dc.date.issued2025
dc.departmentİktisadi ve İdari Bilimler Fakültesi
dc.description.abstractComparing the Efficient Market Hypothesis and Behavioral Finance, the Adaptive Markets Hypothesis (AMH), which identifies the extremes of these two hypotheses and adapts them to each other, argues that calendar anomalies can coexist, but also focuses on how investor behavior reacts to changing market conditions. This study aims to investigate whether the stock markets of BRIC-T countries are consistent with the AMH, including crisis periods, using daily data for the period 01.01.2000-31.12.2023. To this end, daily index return series of each country were constructed and analyzed with the help of Wild-bootstrap Variance ratio test, BDS test and Ljung and Box Q Portmanteau tests. According to the Wild-bootstrap Variance ratio test, both EMH and AMH are not valid in the equity markets of BRIC-T countries; according to the BDS test results, AMH is valid and according to the Ljung and Box Q Portmanteau test results, AMH is valid. Therefore, it is concluded that AMH is more successful than EMH in explaining the equity markets of BRIC-T countries.
dc.identifier.citationYılmaz Özekenci, S. (2025). Adaptive market hypothesis: insights from BRIC-T countries' stock markets. Financial Internet Quarterly, 21(2), 33-63.
dc.identifier.doi10.2478/fiqf-2025-0010
dc.identifier.endpage63
dc.identifier.issn2719-3454
dc.identifier.issue2
dc.identifier.startpage33
dc.identifier.urihttp://dx.doi.org/10.2478/fiqf-2025-0010
dc.identifier.urihttps://hdl.handle.net/20.500.12507/3510
dc.identifier.volume21
dc.identifier.wos001516948800002
dc.identifier.wosqualityQ4
dc.indekslendigikaynakWeb of Science
dc.institutionauthorÖzekenci, Süreyya Yılmaz
dc.institutionauthorid0000-0003-4150-4101
dc.language.isoen
dc.publisherWALTER DE GRUYTER GMBH
dc.relation.ispartofFINANCIAL INTERNET QUARTERLY
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectPRICES
dc.titleAdaptive market hypothesis: insights from BRIC-T countries' stock markets
dc.typeArticle

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