Abstract
ÄlĂĄnek shrnuje teoretickĂ˝ koncept "HypotĂŠza EfektivnĂho Trhu" a pĹedstavuje novĂ˝ koncept "FraktĂĄlnĂ HypotĂŠza AkciovĂŠho Trhu". Podle tĂŠto hypotĂŠzy vĂ˝nosy z akciĂ na trhu vykonĂĄvajĂ zkreslenou nĂĄhodnou prochĂĄzku, tzv. HurstĹŻv persistentnĂ proces, kterĂ˝ je charakterizovĂĄn svou dlouhou pamÄtĂ. PĹi ovÄĹenĂ tohoto konceptu na ÄeskĂ˝ch indexech PX 50 byla provedena (R/S) analĂ˝za a byl vypoÄten HurstĹŻv exponent. Ukazuje se, Ĺže vĂ˝nosy z akciovĂŠho indexu PX 50 vykonĂĄvajĂ persistentnĂ HurstĹŻv proces s hodnotou Hurstova exponentu rovnajĂcĂ se 0,662. Tato hodnota je zcela odliĹĄnĂĄ od hodnoty pro nĂĄhodnou prochĂĄzku a odpovĂdĂĄ vĂ˝sledkĹŻm dosaĹženĂ˝m v dĹĂvÄjĹĄĂch pracĂch.
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