SELECTION INVESTMENT ANALYZING MODEL THAT BASED ON THE CURRENT INFORMATION STRUCTURES OF THE RUSSIAN STOCK MARKET

Abstract

Understanding the patterns that form the information structure of the stock market is necessary for choice the correct model of investment analysis. For a long time, the efficient market hypothesis prevailed, based on the postulate of investors rationality during a unique time horizon, and the linear reaction toward the events affecting the stock prices. Therefore, financial analysts use the tools of technical or fundamental analysis, depending on the degree of market efficiency, but mostly they use both tools. Changes in the technology of trading attract a mass of both qualified and unqualified investors to the stock market, gradually changed in the stock market information structure. The actual information structure of the stock market, based on obtaining multiple rational and irrational information at different time horizons and causing a nonlinear reaction of investors with multiple behavioral effects, that might be described, according to authors of the current study, by the fractal market hypothesis...