加拿大金斯顿论文代写：市场
这种市场效率的形式表明，所有公开访问的信息是通过当前的股票价格，包括过去的信息披露。它假定，股票迅速调节，以吸收即将到来的信息。根据这种方法，在新的信息的基础上，股东不能利用市场上的优势，通过交易。这种形式也提出了一个分析师的能力，假设有益的盈利预测的问题。由于所有的信息都是以前模仿的股票价格，它是没有价值的分析任何公开可用的信息，通常预测未来的收入根据过去的盈利模式是没有价值的。然而，公司的未来可以通过股息信息进行访问。如果以公开可用信息为基础的政策，是指不均匀的市场跳动的投资储备，可以违反一个半强的形式。
有三种类型的测试半强形式的有效市场假说。一个是事件测试，其中的安全性分析之前和之后的事件，如盈利。事件测试的原因是，通过交易的一个事件非凡的回报将不会获得由投资者。第二个是回归/时间序列测试，其中历史数据被用来预测收入，由于投资者不能获得异常报酬。第三测试被称为异常。在1980和1990的经验证据收集，提供了确认，对半强和弱形式，被标记为异常。两个已知的异常的尺寸效应下，小企业比，二是BV / MV效果比较，市场是如何定价的账面价值。研究显示，股票在市场表现远高于一般都低于平均价格与帐面价值比。
加拿大金斯顿论文代写：市场
This form of market efficiency states that all publicly accessible information is revealed through the current stock prices including the past information. It assumes that stocks regulate rapidly to absorb upcoming information. Under this approach on the basis of new information a stockholder cannot take advantage over and above the market through trading. This form also raises questions about an analyst’s capability to hypothesize beneficial earnings forecasts. As all the information is previously imitated in stock prices it is worthless to analyze any publicly available information and usually projections of future revenues based on past earning patterns is of no worth. However company’s future can be accessed through dividend information. A semi strong form can be violated if the policy grounded on publicly available information refers to an uneven amount of market beating investment reserves.
There are three types of tests for semi-strong form of the efficient market hypothesis. One is the event test in which safety is analyzed both before and after an event, such as earnings. The reason for event test is that by trading on an event extraordinary return would not be gained by the investor. Second is the regression/time series test in which historical data is used to forecast revenues due to which an investor cannot attain an abnormal return. Third test is known as the anomalies. In 1980’s and 1990’s empirical evidence gathered that provided confirmation against the semi strong and weak form which was labelled as anomalies. The two known anomalies are the size effect under which smaller firms outperform and second are the BV/MV effect which compares that how the market is pricing book value of asset. Research has revealed that stocks that perform outclass in the market generally have below-average price-to-book ratios.
