Comparable Approach To The Theory Of Efficient Markets
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Comparable Approach To The Theory Of Efficient Markets
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Author : Oral Erdogan
language : en
Publisher:
Release Date : 2018
Comparable Approach To The Theory Of Efficient Markets written by Oral Erdogan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
After revieving capital markets efficiency theories and capital asset pricing models, develops an approach that compares the relative efficiency levels of different stock markets. Presents empirical applications, first appraising the efficiency of the Istanbul Stock Exchange in comparison with other stock exchanges around the world. Next, by calculating the potential change in certain parameters that define the efficiency level, calculates the effect that new sector public offerings the ISE would have on the exchange's comparable efficiency level.
Comparable Approach To The Theory Of Efficient Markets
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Author : Oral Erdoğan
language : en
Publisher:
Release Date : 1996
Comparable Approach To The Theory Of Efficient Markets written by Oral Erdoğan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Capital assets pricing model categories.
The objective in this study is to discuss the Effcient Markets Hypothesis (EMH) and present a different approach for the efficiency level. The model offered here, based on relativity, will measure any change in the efficiency level when a new fımı or sector starts trading in a capital market. For this purpose, some stock exchanges and the Istanbul Stock Exchange (ISE), the shipping fırms in the USA and the shipping fleet in Turkey are also considered in the empirical research. In the scope of the study; the basic concepts, theory and tests of efficient markets are discussed in detail. Here it is argued that the theory of capital market effciency will need to be modified, perhaps based on the fractal approach or a comparable approach. In the discussion of the EMH test models, we try to prove that sometimes the capital markets cannot respond to fair pricing because of the intemational characteristics of some industries. In particular, the maritime industry with its specific intemational market (freight market) is used as an example. A new approach to test the market effciency presented in Chapter 3 is called "the Relative Market Effciency Level Between Different Stock Markets". Although, this approach would not be a fundamental step for a finance theory, it is believed that it would reveal more clearly the real position of a market amongst the world markets. Finally we focus on the relationship between the effciency of capital markets and the financial development of the economic sectors. In order for a market to be effcient, it appears that a stock exchange should include as many sectors as possible. In Chapter 4, by using the "RMEL equation," the change at the effciency level is tried to be estimated when new firms' stocks start trading in a stock exchange. To support the hypothesis empirically, fırst the comparative efficiency levels of some capital markets are ranked according to the RMEL hypothesis. Then, importantly, a global regression model for maritime companies is obtained to estimate the expected retums for the Turkish maritime sector. However, we strongly recommend that not only this sector but also any sector should become involved in the capital markets for a fair pricing in economy. Finally, the detemıination of the impacts of a new sectors entrance to the market is stated.
The Market Approach To Comparable Company Valuation
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Author : Matthias Meitner
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-08-18
The Market Approach To Comparable Company Valuation written by Matthias Meitner and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-18 with Business & Economics categories.
Corporate valuation using multiples is one of the most popular corporate valuation approaches. In this book, the different steps of this valuation approach such as the selection of comparable companies or the choice of the reference variables are discussed. Then, the circumstances required for a sound valuation (e.g., the degree of efficiency of the equity market) are described. Additionally, the book gives insight on how the state of the industry and/or the company has an impact on the proper choice of the reference variables. Finally, it is shown how multi-factor models can enrich the universe of valuation models. While always maintaining the academic rigor, the author addresses practice-relevant topics and delivers hands-on solutions for typical valuation problems.
The Efficient Market Hypothesis And Its Application To Stock Markets
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Author : Sebastian Harder
language : en
Publisher: GRIN Verlag
Release Date : 2010-11
The Efficient Market Hypothesis And Its Application To Stock Markets written by Sebastian Harder and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11 with Business & Economics categories.
Research Paper (undergraduate) from the year 2008 in the subject Business economics - Investment and Finance, grade: 1.7, The FOM University of Applied Sciences, Hamburg, language: English, abstract: Especially after the 90ies, where the stock markets raised enormously, many private investors joined the stock market and were blended by abnormal profits and neglected possible losses. The same behavior could be observed before the Financial Crisis became reality. But each endless raising stock market would finally collapse, because stock prices are randomly and only driven by relevant news. The adjustment to the news is quickly. This is the theoretical argumentation of the Efficient Market Hypothesis (EMH), which will be evaluated in this paper. The author gives an overview about the EMH by explaining the basic principles and its mathematical formulation. The practical part evaluated the EMH on selected examples, where the theory could only be partly approved.
Efficient Market Hypothesis
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Author : Mario Chinas
language : en
Publisher: Library of Cyprus
Release Date : 2019-02-23
Efficient Market Hypothesis written by Mario Chinas and has been published by Library of Cyprus this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-23 with categories.
This is the Black & White version of the book, available at a discount, which does not include the research data and analysis tables. There is also a Full Colour version that includes all the research data and analysis tables. What is a Stock Market? How do stock markets operate? Who invests in a stock market and when is it an appropriate tool for investment? Why do we care if a stock market is efficient or not? Where can we find evidence of market efficiency? With what tools can we test market efficiency?These are some of the questions that this book approaches. The Efficient Market Hypothesis (EMH) is a theory in financial economics, developed by Eugene Fama, which states that asset prices fully reflect all available information. Thus, it is implied that stocks always trade at their fair value, making it impossible for investors to "beat the market" via technical or fundamental analysis, since market prices should only react to new information.There are three variants of the EMH: "weak," "semi-strong," and "strong" form. The weak form of the EMH claims that prices already reflect all past publicly available market information. The semi-strong form claims that prices reflect all publicly available information, thus price changes occur to reflect new publicly available information. The strong form adds to this that prices instantly reflect even hidden private "insider" information.Testing the EMH is no easy task: Quantifying the availability of information and its effect on prices and market efficiency is challenging, making research on the subject difficult, time consuming and open to criticism. However, anecdotal evidence suggests that markets at best reach semi-strong form efficiency, with weak form efficiency being the norm. However, even this is challenged by the critics of EMH, via concepts such as Behavioural Finance.This book aims to familiarise the reader with the concept of EMH, covering the fundamentals and relevant literature. We then discuss market efficiency tests for Weak Form Market Efficiency, examining in more detail the day-of-the-week effect and its significance on stock market efficiency. The day-of-the-week effect is defined as a pattern where a certain day of the week has abnormal returns continuously. It is an anomaly that violates the random walk hypothesis, and thus implies that a market is not Weak Form efficient.We put theory into practice through the Empirical Research section which is divided into two parts, looking at two different approaches to researching the day-of-the-week effect, via the examination of actual research examples on a small European stock exchange. Both of these Thesis tested the hypothesis of random walk to determine the authenticity of weak form market efficiency for a small emerging stock market within the EU (the Cyprus Stock Exchange).
The Efficient Market Hypothesis And Its Validity In Today S Markets
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Author : Stefan Palan
language : en
Publisher: GRIN Verlag
Release Date : 2004-12-21
The Efficient Market Hypothesis And Its Validity In Today S Markets written by Stefan Palan and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-12-21 with Business & Economics categories.
Thesis (M.A.) from the year 2004 in the subject Business economics - Investment and Finance, grade: 1 (A), University of Graz (Institute für Industrial Economics), language: English, abstract: This Master Thesis gives an overview of the research into the efficient market hypothesis from its first days in the 1950s to the present. The discussion of theoretical models and concepts is being complemented by a review of relevant empirical evidence from international capital markets. The thesis is completed by a brief outlook on newer research venues, including models employing behavioural finance approaches.
The Efficient Market Theory And Evidence
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Author : Andrew Ang
language : en
Publisher: Now Publishers Inc
Release Date : 2011
The Efficient Market Theory And Evidence written by Andrew Ang and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence, under the EMH, a passive strategy is bound eventually to beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets relative to a risk-adjusted benchmark. The EMH has been refined over the past several decades to reflect the realism of the marketplace, including costly information, transactions costs, financing, agency costs, and other real-world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low management fees or agency costs, and a financing structure that allows the arbitrageur to undertake trades with long verification periods. The actions of these arbitrageurs cause liquid securities markets to be generally fairly efficient with respect to information, despite some notable anomalies.
Valuation Approaches And Metrics
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Author : Aswath Damodaran
language : en
Publisher: Now Publishers Inc
Release Date : 2005
Valuation Approaches And Metrics written by Aswath Damodaran and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Equity Markets Valuation And Analysis
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Author : H. Kent Baker
language : en
Publisher: John Wiley & Sons
Release Date : 2020-09-01
Equity Markets Valuation And Analysis written by H. Kent Baker and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-01 with Business & Economics categories.
Sharpen your understanding of the financial markets with this incisive volume Equity Markets, Valuation, and Analysis brings together many of the leading practitioner and academic voices in finance to produce a comprehensive and empirical examination of equity markets. Masterfully written and edited by experts in the field, Equity Markets, Valuation, and Analysis introduces the basic concepts and applications that govern the area before moving on to increasingly intricate treatments of sub-fields and market trends. The book includes in-depth coverage of subjects including: · The latest trends and research from across the globe · The controversial issues facing the field of valuation and the future outlook for the field · Empirical evidence and research on equity markets · How investment professionals analyze and manage equity portfolios This book balances its comprehensive discussion of the empirical foundations of equity markets with the perspectives of financial experts. It is ideal for professional investors, financial analysts, and undergraduate and graduate students in finance.
Adaptive Markets
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Author : Andrew W. Lo
language : en
Publisher: Princeton University Press
Release Date : 2019-05-14
Adaptive Markets written by Andrew W. Lo and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-14 with Business & Economics categories.
A new, evolutionary explanation of markets and investor behavior Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work.
