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Investing in securities is the subject of numerous studies and analyses worldwide. There are a variety of methods and research tools used. Attempts to describe decisions of stock exchange investors are taken within multiple disciplines, e.g. economics, mathematics, psychology. A variety of theories and methods used is reflected in the diversity of obtained results and forecasts. Achieving success when investing in securities is very difficult, because the market is very dynamic and is hardly ever in equilibrium. Strategies in this market are, from a methodological point of view, the most difficult of all strategies used in the economy. Investors seeking justification for their investment decisions use, inter alia, fundamental, technical or portfolio analysis. In order to predict the future behaviour of the market, various models are designed, which never give full assurance of success and are usually burdened with investment risk. One of the newer concepts of the description of capital market is chaos theory. It is an attempt to move away from the idea of the efficiency of capital markets towards a more universal view of the mechanisms governing the stock exchange. Characteristic features, imbalances and positive feedback mechanism in time are reflected in the description with the use of non-linear dynamic systems. The aim of the paper is to discuss the basic elements of deterministic chaos theory and to present the results of research on the R/S analysis of selected companies operating in the Polish stock exchange and the possibility of its use to make investment decisions. keywords: chaos theory, capital markets, R/S analysis, securities

zeszyty naukowe wydziału nauk ekonomicznych i zarządzania uniwersytet szczeciński. finanse, rynki finansowe, ubezpieczenia/zeszyty naukowe. finanse, rynki finansowe, ubezpieczenia

Deterministic chaos theory and decisions of stock exchange investors