Finanse, Rynki Finansowe, Ubezpieczenia

Purpose - The aim of this article is to assess whether the selected European financial markets are efficient in the semi-strong form and make a comparative analysis between selected emerging and mature markets. Methodology – Event study method was used to test the speed of the prices of financial instruments react to announce public notice of the rate of the Gross Domestic Product by the national reporting institutions. Findings - The results of empirical research on the markets in Poland, the Czech Republic and Great Britain have shown that analyzed the financial markets are not fully consistent with the theory of efficient markets in the form of semi-strong form. Based on the study we found that the higher the efficiency of information does not always go hand in hand with the maturity of the market. The second conclusion is that the interest rates and the stock market shares in the majority of cases analyzed countries, more react to unexpected information about the rate of GDP y / y than the readings close to the expectations of market participants react. Originality/Value – The research is an extension of previous studies on the informational efficiency of the Polish capital market. The study used the concept of event analysis to examine the semi-strong form efficiency of information not only on the stock market, but the market other financial assets such as: bonds, interest rates, derivatives.