On market efficiencies on the German stock market - Evidence via the implementation of momentum strategies
This paper investigates whether the German Stock is efficient or not, i.e. whether there is a way to systematically beat the market. Within this framework momentum strategies with formation and holding periods over 3- to 12-month horizons are applied on the CDAX. The results do not show clear signs of market inefficiencies. While momentum strategies were successful in 67% of the cases, the winner