(DOWNLOAD) "Testing Semi-Strong Form Efficiency of Stock Market." by Pakistan Development Review # eBook PDF Kindle ePub Free
eBook details
- Title: Testing Semi-Strong Form Efficiency of Stock Market.
- Author : Pakistan Development Review
- Release Date : January 22, 2001
- Genre: Economics,Books,Business & Personal Finance,
- Pages : * pages
- Size : 316 KB
Description
1. INTRODUCTION The efficient market hypothesis suggests that stock markets are "informationally efficient". That is, any new information relevant to the market is spontaneously reflected in the stock prices. A consequence of this hypothesis is that past prices cannot have any predictive power for future prices once the current prices have been used as an explanatory variable. In other words the change in future prices depends only on arrival of new information that was unpredictable today hence it is based on surprise information. Another consequence of this hypothesis is that arbitrage opportunities are wiped out instantaneously.
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