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Central European Media Enterprises Ltd. to Webcast Investor Day Presentations

HAMILTON, Bermuda, Oct. 9, 2009 (GLOBE NEWSWIRE) -- Central European Media Enterprises Ltd. ("CME" or the "Company") (Nasdaq:CETV) (Prague Stock Exchange:CETV) announced today that the Company will webcast presentations made during its Investor Day to be held in Prague, Czech Republic on October 15, 2009. A live video webcast and presentation slides will be available on CME's website www.cetv-net.com beginning at 7 a.m. New York time (1 p.m. Prague time) on Thursday, October 15, 2009.

Replays of the live audio webcast and the presentation slides will remain accessible on CME's website for two weeks following the Investor Day. An agenda for the Investor Day is available at www.cetv-net.com.

CME is a broadcasting company operating leading networks in seven Central and Eastern European countries with an aggregate population of approximately 97 million people. CME's television stations are located in Bulgaria (Pro.BG and Ring.BG), Croatia (Nova TV), Czech Republic (TV Nova, Nova Cinema and Nova Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (Markiza, Doma and Nova Sport), Slovenia (POP TV, Kanal A and TV Pika) and Ukraine (Studio 1+1, Studio 1+1 International and Kino). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".

CME is the subject company for the Investment Research Challenge that the Czech CFA Society launched on 1st October 2009 for VSE students.

Credit Crunch Causes Analysts to Rethink Rational Market Theory

Financial Times, June 16, 2009

A new realisation has dawned among the most fervent advocates of financial analysis and collective investor wisdom: markets are not always rational.

For the past five decades, the Chartered Financial Analyst Institute has been teaching the tenets of analysis based on efficient markets to tens of thousands of adherents from banks, fund managers and investment houses that make up the global financial system.

Now, however, the credit crisis has forced high priests of rational market theory to question their own creed.

The British CFA recently asked members for the first time whether they trusted in “market efficiency” – and discovered more than two-thirds of respondents no longer believed market prices reflect all available information. More startling, 77 per cent of the group “strongly” or “very strongly” disagreed that investors behaved “rationally” – in apparent defiance of the “wisdom of crowds” idea that has driven investment theory.

The shift is significant as the assumption of efficient markets is a cornerstone of calculating the value of everything from stocks to pension fund liabilities to executive compensation.

William Goodhart, UK chief executive of the CFA, yesterday admitted the results showed a new mood of “questioning” following the financial crisis.

However, the trend appears to reflect a wider intellectual swing. In the past three decades, the global asset management industry has been dominated by the so-called “efficient markets” hypothesis, which has given birth to ideas such as the capital asset pricing model, that portrays investing as a trade-off between risk and return.

Extremities of recent market swings have sparked interest among politicians and investors in the field of behavioural finance, which asserts that markets do not behave rationally but can be driven by human emotions such as fear. “We are seeing huge demand among clients to talk about behavioural finance now,” says James Montier, a senior strategist at Société Générale, and an expert in behavioural finance.

However, the CFA survey suggests the finance industry is not yet ready to rip up its creed. Although two-thirds of financial professionals surveyed said they regarded behavioural finance as a useful addition to efficient market theories, just 14 per cent thought it could alone become the new paradigm.