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Chapter 9 E icient
Market Hypothesis
Original Title: Chapter 9 E icient Market Hypothesis.ppt
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A number of researchers have employed ingenious
methods to test the randomness of stock price
behaviour. Recent research has cast a shadow over the
e iciency of the market hypothesis. The
E… Full description

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Chapter 9

EFFICIENT MARKET HYPOTH

 The Collective Wisdom

 

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Outline
•   Random Walk 
• What is an Efficient Market

• Empirical Evidence on Weak-form Efficie

Hypothesis

• Empirical Evidence on Semi-strong Form Effici

Hypothesis

• Empirical Evidence on Strong-form Efficie

Hypothesis

• What is the Verdict

• Implications for Investment Analysis

 

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Random Walk 

•   Maurice Kendall found that stock prices followe

walk, implying that successive price changes are i

of one another.

• A number of researchers have employed ingenious

test the randomness of stock price behaviour.

• Academic researchers concluded that the randomn

prices was the result of an efficient market.

 

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What Is An Efficient Market

•   An efficient market is one in which the market

security is an unbiased estimate of its intrinsic val

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• Market efficiencyUpload
is defined in relation to inform
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reflected in security prices.ORFama distinguishes
of market efficiency.
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Weak-form efficiency
• Semi-strong form efficiency

• Strong-form efficiency
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