| Резюме: |
During the last decade is observed considerable increase in the degree of stock market co-movements, which contributes to the rapid spillover of regional financial crises. As a result the emerging stock markets are viewed even more often as an attractive investment opportunity. Still, the literature engaged with them is quite insufficient and the documented results are often contradictory. The Southeast European stock markets are studied in the thesis as they are among the least researched ones. The focus is set on their efficiency and integration with the world stock markets. Generally, stock market efficiency and stock market integration are regarded as separate literature strands. Nevertheless, the thesis analyzes them together as a reflection of one the newest trends in the empirical finance. The wavelet transform is chosen as a major research tool. The wavelet transform is a tool widely applied in the field of Physics, still it is found to be well suited to the analysis of financial data as it enables decomposition of the complicated structure of financial time series into simpler components, each characterized by specific frequency.
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