سنجش كارايي شكل ضعيف بورس اوراق بهادار تهران در تعيين قيمت سهام (مطالعه موردي شركت سرمايه گذاري صنعت بيمه

2. The Effect of Weak-Form of Stock Exchange for Stock Pricing in Tehran (Case Study: Insurance Industry Investment Corporation)

It is usually believed that the markets in developing and less developed countries are not efficient in semi-strong or strong forms. Optimum allocation of financial resources is the main goal of capital market. So, capital market efficiency and its activities are the key concepts for economic growth. One of the major instruments that has a fundamental role in the efficiency of stock exchange is investment corporations. Investment corporations prepare financial resources for this market. Insurance industry investment corporation is one of these corporations. Also, researches have shown that Tehran stock exchange is inefficient. So, in order to solve this problem, we need efficient infrastructures and Corporations. The main object of this study is investigating weak-form efficiency in the insurance industry investment corporationʹs level. The study design is descriptive- analytical. According to this research goal, the daily price of this corporationʹs stock during 1380-1386 is used. Since the Kolmogorov-Smirnov test shows there is no normal distribution in the stock price changes, we can use non parametric tests such as run test. We found that price changes in Insurance Industry Investment Corporation is not on the basis of random walk, so weak-form efficiency in this corporations is rejected. In other words, this corporation is not efficient in weak-form of market. Finally, some suggestions are presented to improve the efficiency and omit the obstacles of efficiency.