[1] Ajayi, R.A., Mehdian, S., & Perry, M.J. (2004). The Day-of-the-Week Effect in Stock Returns: Further Evidence from Eastern European Emerging Markets. Emerging Markets Finance and Trade, 40, 53-62.

[2] Anghel, D. (2013). How Reliable Is the Moving Average Crossover Rule for an Investor on the Romanian Stock Market? The Review of Finance and Banking, 5, 89-115.

[3] Anghel, D. (forthcoming). Market Efficiency and Technical Analysis in Romania: unpublished manuscript.

[4] Balint, C., & Gica, O. (2012). Is the January effect present on the Romanian capital market? Procedia - Social and Behavioral Sciences, 58, 523-532.

[5] Bouman, S., & Jacobsen, B. (2002). The Halloween Indicator, "Sell in May and Go Away": Another Puzzle. The American Economic Review, 92(5), 1618-1635.

[6] Bran, P. (2005). Economica valorii. Bucure?ti: Editura Economica.

[7] Brooks, C., & Persand, G. (2001). Seasonality in Southeast Asian Stock Markets: some new evidence on the day-of- the-week effects, Applied Economics Letters, 8 (3), 155-158.

[8] Calomfir (Metescu), A.M., Banacu, C.S., & Popescu, D.I. (2012). Random Walk Theory and the Romanian Capital Market: A New Perspective. Journal of Financial Studies & Research, 2012, 1-9.

[9] Cepoi, C.O., & Radu, R. (forthcoming). An intraday analysis of market efficiency the case of Romania. Available at MBF-EU: http://www.mbf-eu.info/Files/17586fb3-8eed-441a-8432-55396a70fa8f/Paper_CEPOI.pdf .

[10] Chordia, T., Roll, R., & Subrahmanyam, A. (2008). Liquidity and market efficiency. Journal of Financial Economics, 87, 249-268.

[11] Chung, D., & Hrazdil, K. (2010). Liquidity and market efficiency: A large sample study. Journal of Banking and Finance, 34, 2346-2357.

[12] Codîrlasu, A. (2000). Testarea eficientei informationale a pietei românesti de capital. Doctoral thesis, Bucharest University of Economic Studies. Available at: http://www.dofin.ase.ro/acodirlasu/wp/dissertation2000/dissertation_ro.pdf

[13] Cre?u (Trifan), A.L. (2012). Modele ale comportamentului investitorilor pe pia?a de capital. Unpublished doctoral dissertation, Bucharest University of Economic Studies, Bucharest.

[14] Diaconasu, D.E., Mehdian, S., & Stoica, O. (2012). An examination of the calendar anomalies in the Romanian stock market, Procedia Economics and Finance, 3, 817-822.

[15] Dima, B., Murgea, A., & Pirtea, M. (2005). Eficien?a pie?elor emergente de capital: cazul României. In Pia?a de capital, Editura Universita?ii de Vest, Timi?oara, 49-93.

[16] Doyle, J.R. & Chen C.H. (2009). The wandering weekday effect in major stock markets. Journal of Banking and Finance, 33, 1388-1399.

[17] Dragota, V. (2003). Politica de dividend. Bucure?ti: Editura All Beck.

[18] Dragota, V. (2006). Evaluarea actiunilor societatilor comerciale. Bucuresti: Co-edition Editura Economica and Editura IROVAL.

[19] Dragota, V., & Mitrica, E. (2004). Emergent capital markets‘efficiency: The case of Romania. European Journal of Operational Research, 155, 353-360.

[20] Dragota, V., & Serbanescu, V. (2010). Some Issues Concerning Romanian Investors' Behaviour. Results of a Survey. Theoretical and Applied Economics , 17, 5-16.

[21] Dragota, V., & Tilica, V.E. (2014). Market efficiency of the Post Communist East European stock markets. Central European Journal of Operations Research, 22, 307-337.

[22] Dragota, V., Damian, O., & Stoian, A. (2002) Teste privind eficien?a informa?ionala a pie?elor financiare. In Finan?ele ?i istoria (pp. 245-253). Bucure?ti: Editura ASE.

[23] Dragota, V., Dragota, M., & Stoian, A. (2004). Some Considerations about Stock Prices and Fair Market Value on Romanian Capital Market. In D. Popescu (Ed.), România – exigen?e în procesul dezvoltarii, în perspectiva integrarii în anul 2007 (pp. 224-231). Sibiu: Editura Universita?ii „Lucian Blaga” din Sibiu.

[24] Dragota, V., Dragota, M., Damian, O., Stoian, A., Mitrica, E., Lacatu?, C.M., Mana?e, D., ?â?u, L., & Hândoreanu, C. (2009a). Gestiunea portofoliului de valori mobiliare (2 nd edition). Bucure?ti: Editura Economica,.

[25] Dragota, V., Stoian, A., Pele, D.T., Mitrica, E. & Bensafta, M. (2009b). The development of the Romanian capital market: evidences on information efficiency. Romanian Journal of Economic Forecasting, 6, 147-160.

[26] Dumitru, I., & Buc?a, D. (2004). Testarea ipotezei de random walk pentru indicii bursieri din România. In Finan?ele ?i dezvoltarea durabila (pp. 431-441). Bucure?ti: Editura ASE.

[27] Escanciano, J.C., & Velasco, C. (2006). Generalized spectral tests for the martingale difference hypothesis. Journal of Econometrics, 134, 151-185.

[28] Fama, E.F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25, 383-417.

[29] Fama, E.F. (1991). Efficient Capital Markets II. The Journal of Finance, 46(5), 1575-1617.

[30] Fama, E.F. (1998). Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics, 49, 283-306.

[31] Fama, E.F., Fisher, L, Jensen, M.C., Roll, R. (1969). The Adjustment of Stock Prices to New Information. International Economic Review, 10, 1-21.

[32] Geambasu, L., & Stancu, I. (2010). The Liquidity of the Bucharest Stock Exchange (BSE) during the Financial Crisis. Theoretical and Applied Economics, 17, 7-26.

[33] Georgantopoulos, A.G., Kenourgios, D.F., & Tsamis, A.D. (2011). Calendar anomalies in emerging Balkan equity markets. International Economics & Finance Journal, 6, 67-82.

[34] Grossman, S.J., & Shiller, R.J. (1980). The determinants of the variability of stock market prices. The American Economic Review, 71, 222-227.

[35] Guidi, F., Gupta, R., & Maheshwari, S. (2011). Weak-form Market Efficiency and Calendar Anomalies for Eastern Europe Equity Markets. Journal of Emerging Market Finance, 10(3), 337-389.

[36] Harrison, B., & Paton, D. (2004). Transition, the Evolution of Stock Market Efficiency and Entry into EU: The Case of Romania. Economics of Planning, 37, 203-223.

[37] Harrison, B., & Paton, D. (2007). Do fat tails matter in GARCH estimation: testing market efficiency in two transition economies. Economic Issues, 12, 15-26.

[38] Hasanov, M., & Omay, T. (2007). Are the Transition Stock Markets Efficient? Evidence from Non-Linear Unit Root Tests. Central Bank Review, 2, 1-12.

[39] Heininen, P., & Puttonen, V. (2008). Stock Market Efficiency in the Transition Economies through the Lens of Calendar Anomalies. Paper presented at EACES 10th Conference on Patterns of Transition and New Agenda for Comparative Economics, Higher School of Economics, Moscow, Russia, August 2008. Available at: http://www.hse.ru/data/090/182/1235/Heininen_Puttonen_paper.pdf

[40] Hourvouliades, N., & Kourkoumelis, N. (2009.) Day-of-Week Effects during the Financial Crisis. Paper presented at the International Conference on Business Research ICABR 2009, Valletta, Malta, September 2009. Available at: http://www.icabr.com/fullpapers/Hourvouliades%20Nikolas,%20Nick%20Kourkoumelis.pdf .

[41] Kunkel, R.A., Compton, W.S. & Beyer, S. (2003). The turn-of-the-month effect still lives: The international evidence. International Review of Financial Analysis, 12(2), 207-221.

[42] Lazar, D., Filip, A., & Naghi, A. (2009). Statistical tests for linear and nonlinear dependence and long-memory in Romanian stocks market. Carpathian Journal of Mathematics, 25, 92-103.

[43] Lazar, D., Todea, A., & Filip, D. (2012). Martingale difference hypothesis and financial crisis: Empirical evidence from European emerging foreign exchange markets. Economic Systems, 36, 338-350.

[44] LeRoy, S.F. (2004). Rational Exuberance. Journal of Economic Literature, 42(3), 783-804.

[45] Lim, K.P., & Brooks, R. (2011). The evolution of market efficiency over time: A survey of the empirical literature. Journal of Economic Surveys, 25, 69-108.

[46] Lo, A. (2004). The Adaptive Market Hypothesis. Market efficiency from an evolutionary perspective. The Journal of Portfolio Management, 30, 15-29.

[47] Lo, A. (2005). Reconciling ef?cient markets with behavioral ?nance: the adaptive markets hypothesis. The Journal of Investment Consulting, 7, 21-44.

[48] Megginson, W. (1997). Corporate Finance Theory. New York: Addison Wesley.

[49] Mînjina, D.I. (2010). Efficient capital markets: a review of empirical work on Romanian capital market. Global Journal of Finance and Banking Issues, 4(4), 41-62.

[50] Mînjina, D.I., & Resceanu, O. (2008). Testing the semi-strong form of the efficient market hypothesis on public offers for acquisitions/ takeover in the pharmaceutical and the aluminum sectors of the Romanian capital market. Financial Innovation and Competition in European Union, Theoretical and Applied Economics Supplement, 127-134.

[51] Necula, C., & Radu, A.N. (2012). Long memory in Eastern European financial markets returns. Economic Research - Ekonomska istraživanja, 25, 361-378.

[52] Negrea, B., Tâtu, L., Murarasu, B., Tâtu, D., & Ciurila, N. (2009). Microstructura pietelor financiare. Bucuresti: Editura Universitara,.

[53] Oprea, D.S., & Brad, L. (2014). Investor Sentiment and Stock Return: Evidence from Romania. International Journal of Academic Research in Accounting, Finance and Management Sciences, 4, 23-29.

[54] Panait, I. (2013). The month-of-the-year effect on Bucharest Stock Exchange. Hyperion Economic Journal, 1, 19-26.

[55] Pele, D.T. (2007). Metode statistice aplicate în analiza pietei de capital. Unpublished doctoral dissertation, Bucharest University of Economic Studies, Bucharest.

[56] Pele, D.T., & Voineagu, V. (2008). Testing market efficiency via decomposition of stock return: Application for Romanian capital market. Romanian Journal of Economic Forecasting, 5, 63-79.

[57] Pettengill, G.N. (2003). A Survey of the Monday Effect Literature. Quarterly Journal of Business and Economics, 42, 3-27.

[58] Preutu, A., Calinescu, A., Burlacu, M., & Macovei, D. (1998). Teoria eficientei pietelor financiare. In I. Stancu (Ed.), Articole fundamentale în teoria financiara cu explicatii si aplicatii practice (pp. 522-540). Bucuresti: DOFIN.

[59] Shiller, R.J. (1981). Do stock prices move too much to be justified by subsequent changes in dividends? The American Economic Review, 71, 421-436.

[60] Shiller, R.J. (1984). Stock Prices and Social Dynamics. Brookings Papers on Economic Activity, 2, 457-510.

[61] Shiller, R.J. (1992). Market Volatility. Cambridge, Massachusetts and London: The MIT Press,.

[62] Shleifer, A., & Summers, L. (1990). The noise trader approach to finance. Journal of Economic Perspectives, 4, 19-33.

[63] Smith, G. (2012). The changing and relative efficiency of European emerging stock markets. European Journal of Finance, 18, 689-708.

[64] Stancu, I. (2007). Finan?e. Bucure?ti: Editura Economica.

[65] Stancu, I., & Geambasu, L. (2012). Return seasonality - January effect. Study case: the Bucharest Stock Exchange. Economic Computation and Economic Cybernetics Studies and Research, 46, 45-65.

[66] Stanculescu, A. & Mitrica, E. (2012). Testing weak form informational efficiency on the Romanian capital market. Theoretical and Applied Economics, 19, 29-36.

[67] Stefanescu, R., & Dumitriu, R. (2011). Turn-of-the-month effect on the Bucharest stock exchange. In Proceedings of the 3rd international conference in economics and administration (pp. 199-204), 3 June 2011, University of Bucharest, Bucharest, Romania.

[68] Thaler, R.H. (1987). The January Effect. Economic Perspectives, 1, 197-201.

[69] Tilica, E.V., Oprea, D.S. & Ciobanu, R. (2012). The impact of M&A announcements on stock prices. In Proceedings of the 7th International Conference Accounting and Management Information Systems (pp.767-782), June 13-14, 2012, Bucharest University of Economic Studies, Bucharest, Romania.

[70] Todea, A. (2005). Eficien?a informa?ionala a pie?elor de capital. Studii empirice pe pia?a româneasca. Cluj-Napoca: Editura Casa Car?ii de ?tiin?a.

[71] Todea, A. (2006). Investitii. Cluj-Napoca: Editura Casa Car?ii de ?tiin?a.

[72] Todea, A., & Lazar, D. (2012). Global Crisis and Relative Efficiency: Empirical Evidence from Central and Eastern European Stock Markets. The Review of Finance and Banking, 4, 45-53.

[73] Todea, A., & Mete?, C.A. (2005). Impactul anun?ului majorarii de capital asupra cursului bursier: cazul Bursei de Valori Bucure?ti. In: Finan?ele ?i Integrarea în Uniunea Europeana (pp. 363-369). Bucure?ti: Editura ASE.

[74] Todea, A., & Plesoianu, A. (2010). Testing the hypothesis of martingale on intraday data: The case of BET index. Financial and Monetary Stability in Emerging Countries, Theoretical and Applied Economics Supplement, 344-351.

[75] Todea, A., & Ple?oianu, A. (2013). The influence of foreign portfolio investment on informational efficiency: Empirical evidence from Central and Eastern European stock markets. Economic Modelling, 33, 34-41.

[76] Todea, A., & Zoica?-Ienciu, A. (2008). Episodic dependencies in Central and Eastern Europe stock markets. Applied Economics Letters, 15, 1123-1126.

[77] Tudor, C. (2006). Testing for seasonal anomalies in the Romanian stock market. Romanian Economic Journal, 21, 71-79.

[78] Tudor, C. (2012). Information asymmetry and risk factors for stock returns in a post-communist transition economy: Empirical proof of the inefficiency of the Romanian stock market. African Journal of Business Management, 6(16), 5648-5656.

[79] Vasilescu, C, & Vatui, M. (2004a). Investitorii persoane fizice si comportamentul lor investitional pe piata de capital româneasca. Finante, Banci, Asigurari, 3(75), 31-33.

[80] Vasilescu, C, & Vatui, M. (2004b). Puterea financiara si preferintele investitorilor persoane fizice pe piata de capital româneasca. Finante, Banci, Asigurari, 4(76), 17-22.

[81] Vasilescu, C, & Vatui, M. (2004c). Informatiile financiar-contabile si bursiere pe piata de capital româneasca. Finante, Banci, Asigurari, 7(79), 28-34.

[82] Zoica?-Ienciu, A. (2008). The impact of financial statements announcements on stock prices at BSE. Financial and monetary policies in European Union, Theoretical and Applied Economics Supplement, 211-219.