Violation of market efficiency in transition economies
  We analyze the European transition economies and show that time series for most of major indices exhibit (i) power-law correlations in their values, power-law correlations in their magnitudes, and (iii) asymmetric probability distribution. We propose a stochastic model that can generate time series with all the previous features found in the empirical data. 
Boris Podobnik, Ivo Grosse, Davor Horvatic, Plamen Ch Ivanov, Timotej   Jagric, and H.E. Stanley