Spain:countries of the world

Spain has been the home of some of the world's great artists and has museums and galleries to match. In the cities, narrow twisting old streets suddenly open up to views of the daring modern architecture, as a culture of old and new mix and mingle in the city's nightlife. There are endless tracts of wild and crinkled sierra to explore, as well as some spectacularly rugged stretches of coast. Culturally, the country is littered with superb old buildings, from Roman aqueducts to Gothic cathedrals, and almost every second village has a medieval castle. With more than 115 years exploring the globe with its writers, photographers, and research expeditions, "National Geographic" is uniquely positioned to introduce your readers to everything they need to know about the countries of the world.

Are European equity markets efficient? New evidence from fractal analysis

We report an empirical analysis of long-range dependence in the returns of eight stock market indices, using the Rescaled Range Analysis (RRA) to estimate the Hurst exponent. Monte Carlo and bootstrap simulations are used to construct critical values for the null hypothesis of no long-range dependence. The issue of disentangling short-range and long-range dependence is examined. Pre-filtering by fitting a (short-range) autoregressive model eliminates part of the long-range dependence when the latter is present, while failure to pre-filter leaves open the possibility of conflating short-range and long-range dependence. There is a strong evidence of long-range dependence for the small central European Czech stock market index PX-glob, and a weaker evidence for two smaller western European stock market indices, MSE (Spain) and SWX (Switzerland). There is little or no evidence of long-range dependence for the other five indices, including those with the largest capitalizations among those considered, DJIA (US) and FTSE350 (UK). These results are generally consistent with prior expectations concerning the relative efficiency of the stock markets examined. © 2011 Elsevier Inc.