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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS<br />

JUNE 2011<br />

VOL 3, NO 2<br />

The above data reveals that efficiency of the portfolio based on Marquitz model is decreasing by<br />

passing of time. It has been increased in the third period intensively with regards to the second<br />

period, while its amount has been lower between the first and second period. In fact passing of<br />

time has resulted in increasing of inefficiency of Marquitz model to a high extent .<br />

.<br />

Discussion and conclusions<br />

This article has studied the amount of efficiency of Marquitz model in Iran's market during<br />

period of 1998-2006. Its purpose was to examine whether it was possible to obtain a better<br />

performance by relying upon a theoretical model in the real market of Iran with three assets of<br />

land, currency and stocks.. Five hypotheses were tested in this study that four of them were<br />

rejected and it showed inefficiency of Marquitz model in this time period.<br />

The fifth hypothesis has been confirmed, it showed that effect of time is resulted in more<br />

inefficiency of Marquitz model. One of the reasons of such inefficiency of Marquetz model<br />

could be attributed to the investment in Iran's market, which is not a suitable process as the<br />

investors make decisions by chance and based on their individual experiences. We may<br />

consider this difference of return as a result of chance.<br />

This study has been faced with limitations including nonseparation of professional investors who<br />

are familiar with Marquitz model and unfamiliar with it. This could be a research topic about<br />

whether the amount of efficiency's difference of this model is existed among individuals or not.<br />

COPY RIGHT © 2011 Institute of Interdisciplinary Business Research 336

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