Zmienność cen a wartość fundamentalna akcji
Stock Price Volatility and Fundamental Value

Summary/Abstract: The paper discusses the problem of excessive volatility of stock prices when compared with changes in their fundamental value, determined as the present value of dividends paid by the company. The results of research on this issue for the US market, initiated and popularized by Robert Shiller, provide strong arguments against the hypothesis of the efficiency of the capital market, according to which the prices discount immediately any new information affecting the fundamental value of assets. Similar studies have not been conducted so far for the Polish stock market. The aim of the article is to discuss the theoretical basis of this research, methodological issues, and the results obtained by Shiller, as well as the presentation of the preliminary research results for the Polish market.

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