This article was supported by the Ministry of Culture of theCzechRepublic through institutional financing of the long-term conceptual development of the research institution (the Moravian Museum, MK000094862).
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. Romania had the highest average return (5.5%) and theCzechRepublic realized the lowest return (2.7%). Volatility of the CEE exchange markets, measured by standard deviation, is generally high, and range from 10.78 (Croatia) to 16.19 (Hungary). It is
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