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Informational Efficiency In Developing Equity Markets
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Book Synopsis Informational Efficiency in Developing Equity Markets by : Mr.Paul Cashin
Download or read book Informational Efficiency in Developing Equity Markets written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 1995-06-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of informational efficiency in the evolution of asset prices is examined using data on equity markets in Jordan, Turkey and Pakistan over the period 1986–93. The analysis is carried out in two steps. The parameters of agents’ dynamic consumption and investment decisions are first estimated, and then the implied equity market price, based on market fundamentals, is compared with the actual evolution of equity market prices. While the informational efficiency of each of the three markets is found to be deficient, the causes of market inefficiency are varied. For Jordan it appears that a large negative shock to economic activity in the late 1980s caused agents to discount market fundamentals. For Turkey and Pakistan it is likely that institutional and legal rigidities in equity and banking markets resulted in these markets being illiquid, although this lack of market depth did reduce in severity for Turkey over the sample period, as liberalization of financial markets occurred.
Book Synopsis Informational Efficiency in Developing Equity Markets by : Paul A. Cashin
Download or read book Informational Efficiency in Developing Equity Markets written by Paul A. Cashin and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Informational Efficiency in Developing Equity Markets by : Paul Anthony Cashin
Download or read book Informational Efficiency in Developing Equity Markets written by Paul Anthony Cashin and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of informational efficiency in the evolution of asset prices is examined using data on equity markets in Jordan, Turkey and Pakistan over the period 1986-93. The analysis is carried out in two steps. The parameters of agents` dynamic consumption and investment decisions are first estimated, and then the implied equity market price, based on market fundamentals, is compared with the actual evolution of equity market prices. While the informational efficiency of each of the three markets is found to be deficient, the causes of market inefficiency are varied. For Jordan it appears that a large negative shock to economic activity in the late 1980s caused agents to discount market fundamentals. For Turkey and Pakistan it is likely that institutional and legal rigidities in equity and banking markets resulted in these markets being illiquid, although this lack of market depth did reduce in severity for Turkey over the sample period, as liberalization of financial markets occurred.
Book Synopsis Informational Efficiency in Developing Equity Markets by : Paul A. Cashin
Download or read book Informational Efficiency in Developing Equity Markets written by Paul A. Cashin and published by . This book was released on 1995 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Information Efficiency and Anomalies in Asian Equity Markets by : Qaiser Munir
Download or read book Information Efficiency and Anomalies in Asian Equity Markets written by Qaiser Munir and published by Taylor & Francis. This book was released on 2016-10-04 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient market hypothesis (EMH) maintains that all relevant information is fully and immediately reflected in stock prices and that investors will obtain an equilibrium rate of return. The EMH has far reaching implications for capital allocation, stock price prediction, and the effectiveness of specific trading strategies. Equity market anomalies reflect that the market is inefficient and hence, contradicts the EMH. This book gathers both theoretical and practical perspectives, by including research issues, methodological approaches, practical case studies, uses of new policy and other points of view related to equity market efficiency to help address the future challenges facing the global equity markets and economies. Information Efficiency and Anomalies in Asian Equity Markets: Theories and evidence is an insightful resource that will be useful for students, academics and professionals alike.
Author :Gourishankar S. Hiremath Publisher :Springer Science & Business Media ISBN 13 :8132215907 Total Pages :135 pages Book Rating :4.1/5 (322 download)
Book Synopsis Indian Stock Market by : Gourishankar S. Hiremath
Download or read book Indian Stock Market written by Gourishankar S. Hiremath and published by Springer Science & Business Media. This book was released on 2013-10-28 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: India is one of the major emerging economies of the world and has witnessed tremendous economic growth over the last decades. The reforms in the financial sector were introduced to infuse energy and vibrancy into the process of economic growth. The Indian stock market now has the largest number of listed companies in the world. The phenomenal growth of the Indian equity market and its growing importance in the economy is indicated by the extent of market capitalization and the increasing integration of the Indian economy with the global economy. Various schools of thought explain the behaviour of stock returns. The Efficient Market Theory is the most important theory of the School of Neoclassical Finance based on rational expectation and no-trade argument. The book investigates the growth and efficiency of the Indian stock market in the theoretical framework of the Efficiency Market Hypothesis (EMH). The main objective of the present study is to examine the returns behaviour in the Indian equity market in the changed market environment. A detailed and rigorous analysis, made with the help of the sophisticated time series econometric models, is one of the key elements of this volume. The analysis empirically tests the random walk hypothesis and focuses on issues like nonlinear dynamics, structural breaks and long memory. It uses new and disaggregated data on recent reforms and changes in the market microstructure. The data on various indices including sectoral indices help in measuring the relative efficiency of the market and understanding how liquidity and market capitalization affect the efficiency of the market.
Book Synopsis Efficiency and Anomalies in Stock Markets by : Wing-Keung Wong
Download or read book Efficiency and Anomalies in Stock Markets written by Wing-Keung Wong and published by Mdpi AG. This book was released on 2022-02-17 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Book Synopsis The Informational Efficiency of the Equity Market as Compared to the Syndicated Bank Loan Market by : Linda Allen
Download or read book The Informational Efficiency of the Equity Market as Compared to the Syndicated Bank Loan Market written by Linda Allen and published by . This book was released on 2019 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: To our knowledge, this is the first paper to examine the informational efficiency of the equity market as compared to the syndicated bank loan market. The loan market is a private market comprised of financial institutions with access to private information. We test whether this isreflected in informationally efficient price formation in the loan market vis a vis the equity markets, and reject this private information hypothesis. We find support for a liquidity hypothesis, suggesting that equity markets lead loan markets, despite bank lenders access to private information, because of greater liquidity in equity markets. Only when equity markets arerelatively illiquid do we find evidence supporting the private information hypothesis. Finally, we find evidence of abnormal returns if portfolios are constructed using lagged equity returns todesignate investments in the syndicated bank loan market.
Book Synopsis Market Efficiency in Developing African Stock Markets by : Pyemo Afego
Download or read book Market Efficiency in Developing African Stock Markets written by Pyemo Afego and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the late 1980s, many countries in Africa established national stock exchanges with a view to foster financial development and economic growth. This paper provides a survey and synthesis of the extant literature on the efficiency of African equity markets (AEMs). It explores the path of development of stock markets in Africa with an emphasis on their efficiency, trends in performance, and developmental challenges. We find that much of the research into the efficiency of AEMs has focused on weak-form efficiency and the results, though mixed, lean towards rejection of the weak-form efficiency. We also find that the empirical literature has ignored the role of behavioral biases in the analyses of market efficiency, and has treated efficiency as static over different stages of market development. Finally, considering the traditionally small size of most AEMs, increased harmonization and integration of the various national exchanges may improve the informational efficiency and depth of AEMs.
Book Synopsis Information, Resource Allocation, and the Development of Financial Markets by : Avanidhar Subrahmanyam
Download or read book Information, Resource Allocation, and the Development of Financial Markets written by Avanidhar Subrahmanyam and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the linkages between the informational efficiency of stock prices, corporate investment and financing decisions, and the development of equity markets in emerging economies. We begin with the premise that investors obtain information costlessly and purely by chance (i.e., quot;serendipitouslyquot;), as well as by expending scarce resources, and show that publicly financed firms generally make better investment decisions than privately financed firms when the influence of serendipitous information on firm values is sufficiently strong. In this case, resources are allocated more efficiently in an economy where most firms are publicly rather than privately financed. However, because of externalities, an inferior equilibrium can exist where most firms remain privately financed.
Book Synopsis Informational Efficiency of European Equity Markets by : Lynn Hodgkinson
Download or read book Informational Efficiency of European Equity Markets written by Lynn Hodgkinson and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Informational Efficiency by : Wiston Adrián Risso
Download or read book The Informational Efficiency written by Wiston Adrián Risso and published by . This book was released on 2008 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of the article is to study the difference between the informational efficiency levels between the emerging and developed markets. We applied the symbolic time series analysis approach and the Shannon entropy in order to measure and rank the informational efficiency of 20 stock markets from July 1, 1997 to December 14, 2007. Three Asian markets take the first positions as the most efficient (Taiwan, Japan and Singapore). The last position are taken by the ex-socialist countries as the most inefficient markets. The latter could be due to the few experience of these markets.
Book Synopsis Essays on the Informational Efficiency of an Emerging Equity Market by : Vaalmikki Arjoon
Download or read book Essays on the Informational Efficiency of an Emerging Equity Market written by Vaalmikki Arjoon and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition) by : Burton G. Malkiel
Download or read book A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Ninth Edition) written by Burton G. Malkiel and published by W. W. Norton & Company. This book was released on 2007-12-17 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated with a new chapter that draws on behavioral finance, the field that studies the psychology of investment decisions, the bestselling guide to investing evaluates the full range of financial opportunities.
Book Synopsis A Random Walk to Nowhere by : Edward E. Williams
Download or read book A Random Walk to Nowhere written by Edward E. Williams and published by World Scientific. This book was released on 2020 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface -- Fraud, lies, and statistics -- The early history of modern financial economics -- The birth of the efficient market hypothesis -- Earlier views of market efficiency -- The impact of information and regulation on market efficiency -- Tests of the EMH -- Anomalies -- The capital asset pricing model -- Beyond the CAPM -- Conclusions -- References.
Book Synopsis Informational efficency in developing equity markets by : Paul Cashin
Download or read book Informational efficency in developing equity markets written by Paul Cashin and published by . This book was released on 1995 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Information Efficiency in Financial and Betting Markets by : Leighton Vaughan Williams
Download or read book Information Efficiency in Financial and Betting Markets written by Leighton Vaughan Williams and published by Cambridge University Press. This book was released on 2005-09-29 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: The degree to which markets incorporate information is one of the most important questions facing economists today. This book provides a fascinating study of the existence and extent of information efficiency in financial markets, with a special focus on betting markets. Betting markets are selected for study because they incorporate features highly appropriate to a study of information efficiency, in particular the fact that each bet has a well-defined end point at which its value becomes certain. Using international examples, this book reviews and analyses the issue of information efficiency in both financial and betting markets. Part I is an extensive survey of the existing literature, while Part II presents a range of readings by leading academics. Insights gained from the book will interest students of financial economics, financial market analysts, mathematicians and statisticians, and all those with a special interest in finance or gambling.
