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The main goal of this paper is a quantitative identifi cation of bear market periods during the 2007-2009 global fi nancial crisis in the case of the Visegrad Group stock markets. We analyse four countries, namely Poland, the Czech Republic, Hungary, and Slovakia and, for comparison, the US stock market. The sample period begins on May1, 2004, and ends on April 30, 2013, i.e. it includes the 2007 US subprime crisis. We use the statistical method of dividing market states into bullish anddoi:10.1556/032.65.2015.4.3 fatcat:i6mfwej4xjfz3i5cftdinn66rq