The theory of stock market efficiency accomplishments and limitations pdf

This study examined the impact of stock market liquidity on herding behaviour of investors in Nigerian stock market with focus on Conglomerate and Consumer goods sectors.

Monthly data of stock returns and market capitalization for fifteen years from — were used and 28 companies' stocks from both sectors were considered.

OLS model was used to determine the impact, existence and extent of herding behavior in these sectors. The results showed that stock market liquidity had impact on herding behaviour in both sectors and during high and low market liquidity, there is an evidence of herding behaviour which is not statistically significant in Conglomerate sector compared to Consumer goods sector.

Abstract Certain characteristics of managerial employment arrangements and of the managerial labor market make shareholder wealth dependent on an executive's continued employment. These wealth … Expand. The potential advantages of the market-value approach have long been appreciated; yet analytical results have been meager. What appears to be keeping this line of development from achieving its … Expand. Anomalies in relationships between securities' yields and yield-surrogates.

Abstract A literature survey reveals consistent excess returns after public announcements of firms' earnings. If the information in publicly-announced earnings is a public good, then these results … Expand.

Problems in measuring portfolio performance An application to contrarian investment strategies. We document problems in measuring raw and abnormal five-year contrarian portfolio returns. There is an impressive body of empirical evidence which indicates that successive price changes in individual common stocks are very nearly independent.

Recent papers by Mandelbrot and Samuelson show … Expand. In the hope that it may help to overcome these obstacles to effective empirical testing, this paper will attempt to fill the existing gap in the theoretical literature on valuation. We shall begin, … Expand. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings.

Evidence presented here is consistent with a failure of stock prices to reflect fully the implications of current earnings for future earnings.

Specifically, the three-day price reactions to … Expand. Related Papers. Abstract 76 Citations 21 References Related Papers. Please share your general feedback.

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Contact us. Please note you do not have access to teaching notes. Other access options You may be able to access teaching notes by logging in via your Emerald profile. Abstract The nature and extent of our knowledge of stock market efficiency are examined. Join us on our journey Platform update page Visit emeraldpublishing.