摘要：Investors who are present in emerging markets are interested not only in returns,but also in the risk characteristics of stock prices in these markets. In particular,investors try to identify any signals of informationalinefficiency in thesemarkets in order to make larger profits. The existing contributions demonstratedthat emerging markets are specific and their behavior is rather complex. Thiscomplexity depends on many factors. Empirical investigations on individual emergingmarkets make it easier to further understand the factors influencing returnsand risk in these fast-growing markets. Stock indexes are frequently applied intesting for market efficiency. This is very important in cases when a high marketconcentration can be observed.
