This study analyzes the efficiency of the Nigerian capital market by testing whether professionally managed funds can beat the market index. Monthly return data from 2007 to 2011 for five banks was used to test the strong form efficiency. The market model was used to estimate residuals and test if abnormal returns of managed portfolios were significantly different from zero. The results found the abnormal returns of professionally managed portfolios were insignificantly different from zero, indicating the Nigerian stock market is efficient in the strong form. The findings recommend fully computerizing the stock exchange and brokerages to maintain strong form efficiency through timely access to price-sensitive information.
A garch approach to measuring efficiency, a case study of nairobi securities ...Alexander Decker
This document discusses research analyzing the efficiency of the Nairobi Securities Exchange using a GARCH model. Previous studies of the exchange's efficiency using ordinary least squares regression methods yielded inconclusive results. The research first uses non-parametric methods to show that daily stock returns are non-random and dependent on previous returns. It then employs a GARCH(3,1) model, finding that the current return is determined by the mean return plus an error term that varies based on returns from the previous 3 days. This dependence on past returns signifies weak-form market inefficiency according to the research. Information and communication technologies are increasing access to information in Kenya's market but the study finds evidence it has not yet achieved weak-form efficiency
Are good companies good stocks evidence from nairobi stock exchangeAlexander Decker
This document summarizes a research study that examined the relationship between company performance and stock performance on the Nairobi Stock Exchange. The study hypothesized that there would be a strong positive correlation between "good companies", defined as those with strong earnings and sales growth, and their stock performance. The researchers analyzed 32 listed companies using correlation analysis and descriptive statistics. The results indicated there is a strong positive correlation between good company performance and good stock performance on the NSE, supporting the hypothesis that good companies tend to be good stocks.
Factors affecting stock market prices in amman stock exchangeAlexander Decker
This document summarizes a study that examined factors affecting stock market prices on the Amman Stock Exchange. The study used surveys to collect data on how internal factors like dividend policy, firm size, management quality, and financial situation impact stock prices. It found that inflation had the most impact on prices, while the nature of the firm's business had the least. The study recommended that companies get more involved in drafting laws and regulations to strengthen their role in the stock market.
The effect of earnings announcement on share prices in ghanaAlexander Decker
This study examined the effect of earnings announcements on share prices on the Ghana Stock Exchange from 2010 to 2013. The researchers analyzed abnormal returns for 10 selected companies during a 21-day event window surrounding earnings announcement dates, using the market model and event study methodology. The results found that abnormal returns around earnings announcements were not statistically significant, inconsistent with the efficient market hypothesis. This suggests that the Ghana stock market does not efficiently incorporate earnings information into share prices at the time of announcements or immediately after. In conclusion, earnings announcements did not have a major effect on share prices of the selected companies at the time of the announcements or shortly after.
A REVIEW OF STOCK TREND PREDICTION WITH COMBINATION OF EFFECTIVE MULTI TECHNI...IJMIT JOURNAL
It is important for investors to understand stock trends and market conditions before trading stocks. Both these capabilities are very important for an investor in order to obtain maximized profit and minimized losses. Without this capability, investors will suffer losses due to their ignorance regarding stock trends and market conditions. Technical analysis helps to understand stock prices behavior with regards to past trends, the signals given by indicators and the major turning points of the market price. This paper reviews
the stock trend predictions with a combination of the effective multi technical indicator strategy to increase investment performance by taking into account the global performance and the proposed combination of effective multi technical indicator strategy model.
The document summarizes research on value investing in emerging markets. It finds that:
1) A simple valuation model can identify emerging markets with higher expected returns compared to average emerging markets.
2) A portfolio of "undervalued" emerging markets identified by the model generates superior returns compared to benchmarks, with statistical significance.
3) Risk measures of the portfolio of undervalued emerging markets are close to risk measures of broader emerging market benchmarks, implying the higher returns are not compensated by significantly higher risk.
The chapter discusses the efficient market hypothesis (EMH) which posits that security prices fully reflect all available information. It categorizes the EMH into weak, semi-strong, and strong forms based on the type of information reflected in prices. The implications of EMH for investment and corporate finance are explored. Empirical tests on market efficiency are outlined relating to anomalies in stock returns, market reactions to news, and performance of professional managers. While some evidence supports market efficiency, anomalies exist that may be explained by time-varying risk factors or behavioral biases.
A garch approach to measuring efficiency, a case study of nairobi securities ...Alexander Decker
This document discusses research analyzing the efficiency of the Nairobi Securities Exchange using a GARCH model. Previous studies of the exchange's efficiency using ordinary least squares regression methods yielded inconclusive results. The research first uses non-parametric methods to show that daily stock returns are non-random and dependent on previous returns. It then employs a GARCH(3,1) model, finding that the current return is determined by the mean return plus an error term that varies based on returns from the previous 3 days. This dependence on past returns signifies weak-form market inefficiency according to the research. Information and communication technologies are increasing access to information in Kenya's market but the study finds evidence it has not yet achieved weak-form efficiency
Are good companies good stocks evidence from nairobi stock exchangeAlexander Decker
This document summarizes a research study that examined the relationship between company performance and stock performance on the Nairobi Stock Exchange. The study hypothesized that there would be a strong positive correlation between "good companies", defined as those with strong earnings and sales growth, and their stock performance. The researchers analyzed 32 listed companies using correlation analysis and descriptive statistics. The results indicated there is a strong positive correlation between good company performance and good stock performance on the NSE, supporting the hypothesis that good companies tend to be good stocks.
Factors affecting stock market prices in amman stock exchangeAlexander Decker
This document summarizes a study that examined factors affecting stock market prices on the Amman Stock Exchange. The study used surveys to collect data on how internal factors like dividend policy, firm size, management quality, and financial situation impact stock prices. It found that inflation had the most impact on prices, while the nature of the firm's business had the least. The study recommended that companies get more involved in drafting laws and regulations to strengthen their role in the stock market.
The effect of earnings announcement on share prices in ghanaAlexander Decker
This study examined the effect of earnings announcements on share prices on the Ghana Stock Exchange from 2010 to 2013. The researchers analyzed abnormal returns for 10 selected companies during a 21-day event window surrounding earnings announcement dates, using the market model and event study methodology. The results found that abnormal returns around earnings announcements were not statistically significant, inconsistent with the efficient market hypothesis. This suggests that the Ghana stock market does not efficiently incorporate earnings information into share prices at the time of announcements or immediately after. In conclusion, earnings announcements did not have a major effect on share prices of the selected companies at the time of the announcements or shortly after.
A REVIEW OF STOCK TREND PREDICTION WITH COMBINATION OF EFFECTIVE MULTI TECHNI...IJMIT JOURNAL
It is important for investors to understand stock trends and market conditions before trading stocks. Both these capabilities are very important for an investor in order to obtain maximized profit and minimized losses. Without this capability, investors will suffer losses due to their ignorance regarding stock trends and market conditions. Technical analysis helps to understand stock prices behavior with regards to past trends, the signals given by indicators and the major turning points of the market price. This paper reviews
the stock trend predictions with a combination of the effective multi technical indicator strategy to increase investment performance by taking into account the global performance and the proposed combination of effective multi technical indicator strategy model.
The document summarizes research on value investing in emerging markets. It finds that:
1) A simple valuation model can identify emerging markets with higher expected returns compared to average emerging markets.
2) A portfolio of "undervalued" emerging markets identified by the model generates superior returns compared to benchmarks, with statistical significance.
3) Risk measures of the portfolio of undervalued emerging markets are close to risk measures of broader emerging market benchmarks, implying the higher returns are not compensated by significantly higher risk.
The chapter discusses the efficient market hypothesis (EMH) which posits that security prices fully reflect all available information. It categorizes the EMH into weak, semi-strong, and strong forms based on the type of information reflected in prices. The implications of EMH for investment and corporate finance are explored. Empirical tests on market efficiency are outlined relating to anomalies in stock returns, market reactions to news, and performance of professional managers. While some evidence supports market efficiency, anomalies exist that may be explained by time-varying risk factors or behavioral biases.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Discuss the differences between weak form, semi-strong form and strong form capital market efficiency, and critically evaluate the significance of the efficient market hypothesis (EMH) for the financial manager, using examples or cases in real-life.
This document summarizes the history and development of the concept of market efficiency. It discusses early works in the 1900s that anticipated the idea, and key studies in the 1950s-60s that developed the random walk model and market efficiency theory. Major topics covered include event studies in the late 1960s that provided empirical evidence; analysis in the 1960s-70s of mutual funds and managers that supported efficient markets; and anomalies identified starting in the 1970s that challenged aspects of efficiency. The document concludes by noting the ongoing debate between the efficient market framework and behavioral theories to explain anomalies.
AN EMPRICAL ANALYSIS ON THE IMPACT OF SIZE-EFFECT OF THE FIRM ON STOCK RETURN...IAEME Publication
The present study aims to examine the impact of size effect on the stock returns of selected banking sector companies listed in NSE. The results of the earlier studies show that the stocks of small firms have earned higher returns than the stocks of large firms, and that the firm size effect is still significant when risk-adjusted returns are controlled for difference in earnings/price (E/P) ratios. The major objectives of this study are to analyze the impact of size effect of the firm on the stock returns of the banking sector companies and to offer suitable suggestions to the investors in constructing their portfolio. This study was conducted with the secondary data already published during the previous financial years (2012-15). The study is to prove the size effect of firms on the stock returns in select banking sector companies listed in NSE.
The Efficient Market Hypothesis (EMH) states that current stock prices fully reflect all available public information such that it is impossible to consistently outperform the market through analysis of historical prices or public information alone. There are three forms of the EMH: weak, semi-strong, and strong. The weak form suggests past prices cannot predict future performance, while the semi-strong form incorporates all public information like earnings reports. The strong form suggests even private information cannot be used to outperform, though some studies contradict this. Overall, the EMH implies that markets are rational and prices adjust quickly to new information, making consistent outperformance difficult without private information.
This document summarizes a research study on factors influencing investor sentiment in the Indian stock market. The study analyzed how factors like herd behavior, use of internet, macroeconomic factors, risk and cost factors, performance factors, and best investment options related to gender. The results showed that gender had a significant relationship with herd behavior, macroeconomic factors, risk and cost factors, and best investment options. However, there was no significant relationship found between gender and use of internet or performance and confidence factors. In conclusion, the study found that most factors influencing investor sentiment were significantly related to the gender of the investor in the Indian stock market.
This document discusses financial information markets and the efficient market hypothesis. It introduces the efficient market hypothesis, which states that financial markets are informationally efficient and prices instantly reflect all available information. The document then discusses the debate between the efficient market view and the asymmetric information view. The asymmetric information perspective is that some market players have better information than others, which can lead to pockets of market inefficiency. Problems that can arise from informational asymmetries, like adverse selection and moral hazard, are also summarized.
The document discusses the Efficient Market Hypothesis (EMH). Some key points:
- EMH proposes that market prices fully reflect all available information and investors cannot consistently earn abnormal returns. It originated from the Random Walk Hypothesis.
- There are three forms of EMH (weak, semi-strong, strong) based on the information reflected in prices. Research initially supported weak and semi-strong forms but questioned strong form.
- Over time research identified anomalies like momentum and mean reversion that appear to allow abnormal returns, bringing EMH into question. Behavioral finance emerged examining psychological factors.
- While still debated, EMH is no longer considered the sole determinant of market behavior.
The document discusses the efficient market hypothesis which holds that current stock prices fully reflect all available public information. It describes different levels of market efficiency and the random walk theory that stock prices move randomly. The document notes that technical analysis which tries to predict prices from past trends has failed, while broad market indexes are difficult for professionals to consistently beat. Index funds are recommended as they match market returns over the long run.
Chp 11 efficient market hypothesis by mahmudulMahmudul Hassan
The document discusses the evolution and different forms of the efficient market hypothesis (EMH). It begins by explaining Maurice Kendall's 1953 study that found stock prices move randomly without predictable patterns. This challenged the notion that markets are irrational, and instead suggested markets are efficient. The document then discusses how the EMH developed, with the idea that markets quickly incorporate all available information into stock prices, making them unpredictable. It outlines Fama's three forms of the EMH based on the information reflected in prices. The implications of EMH for technical analysis, fundamental analysis, and active vs passive portfolio management are also discussed. Finally, empirical tests and evidence related to market efficiency are reviewed.
The document discusses the efficient market hypothesis which states that financial markets are efficient and security prices reflect all available information. It provides evidence that markets are at least semi-strong form efficient in that publicly available information does not allow consistently beating the market. The hypothesis implies that no investments are better than others and security prices accurately reflect risk and return. While markets quickly react to new information, predicting short-term movements is very difficult. Overall, the evidence supports some level of market efficiency.
The document discusses the concept of efficient capital markets. It defines the different forms of market efficiency - weak, semi-strong, and strong - and examines the empirical evidence regarding whether markets exhibit these forms of efficiency. While some evidence supports semi-strong efficiency, behavioral challenges and limits to arbitrage suggest markets may not fully reflect all private information as required for strong form efficiency. The implications are that firms should expect to receive fair value for securities and cannot profit from fooling investors, while investors should only expect normal returns based on publicly available information.
The document discusses the efficient market hypothesis (EMH), which states that stock prices already reflect all available public information, making it impossible for investors to outperform the market through strategies based on historical prices, economic news, or other public data. There are three forms of the EMH - weak, semi-strong, and strong - differing in the type of information believed to be reflected in prices. While several studies have found evidence supporting the EMH, others have found anomalies like value and small firm effects that appear to allow above-market returns. The validity of the EMH remains controversial.
The document discusses the efficient market hypothesis and random walk theory of stock prices. Some key points:
- Random walk theory states that stock price movements cannot be predicted from past prices and follow a random pattern. This implies markets are efficient.
- The efficient market hypothesis suggests that stock prices instantly reflect all available public information, making it impossible for investors to earn above-average returns.
- Empirical evidence provides mixed support for these theories. Studies of event periods find prices adjust rapidly to new information, but other anomalies like the size effect have been found, contradicting full market efficiency.
According to the EMH, stocks always trade at their fair value on stock exchanges, making it impossible for investors to either purchase undervalued stocks or sell stocks for inflated prices. As such, it should be impossible to outperform the overall market through expert stock selection or market timing, and that the only way an investor can possibly obtain higher returns is by purchasing riskier investments.
1) The document discusses factors that influence retail investors' stock selection decisions in India. It analyzes how demographic factors like gender, age, income, etc. impact the importance investors place on various decision-making criteria.
2) A literature review found studies examining factors in other countries like return, growth, risk tolerance, and recommendations. Indian studies looked at awareness programs, stories of success, and online trading influences.
3) The study aims to identify the key factors influencing Indian retail investors' stock choices and how demographic characteristics relate to the importance placed on different factors. Surveys were used to understand perceptions of criteria like management quality, returns, and financial ratios.
This document lists baby names from A to Z and provides a brief meaning for each name. It includes names like A'zaira meaning rose, Bob as an abbreviation for Robert, Caria meaning lovely, and Derrick referring to a famous ruler. The last names are Yasmin relating to the jasmine flower and Zachary meaning remembrance of the lord.
A comparative analysis of e readiness assessment in nigerianAlexander Decker
This document summarizes a study that investigated the impact of e-readiness on educational development among undergraduate students at four private universities in Nigeria. The study used questionnaires to assess e-readiness levels and their relationship to educational development. Results showed deficiencies in computer and internet infrastructure at the universities, negatively impacting students' education. Gender was also found to significantly affect internet accessibility. The study recommends improving infrastructure through increased investment and promoting gender balance to enhance e-readiness and educational development in Nigerian private universities.
Liquidation presents a formidable challenge to foreign and resident charities in Ethiopia. This commentary, drawn from the writer's experience as legal counsel to such charities, aims to explain the process in a simple and orderly manner. It also offers useful tips for charities facing liquidation.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
Discuss the differences between weak form, semi-strong form and strong form capital market efficiency, and critically evaluate the significance of the efficient market hypothesis (EMH) for the financial manager, using examples or cases in real-life.
This document summarizes the history and development of the concept of market efficiency. It discusses early works in the 1900s that anticipated the idea, and key studies in the 1950s-60s that developed the random walk model and market efficiency theory. Major topics covered include event studies in the late 1960s that provided empirical evidence; analysis in the 1960s-70s of mutual funds and managers that supported efficient markets; and anomalies identified starting in the 1970s that challenged aspects of efficiency. The document concludes by noting the ongoing debate between the efficient market framework and behavioral theories to explain anomalies.
AN EMPRICAL ANALYSIS ON THE IMPACT OF SIZE-EFFECT OF THE FIRM ON STOCK RETURN...IAEME Publication
The present study aims to examine the impact of size effect on the stock returns of selected banking sector companies listed in NSE. The results of the earlier studies show that the stocks of small firms have earned higher returns than the stocks of large firms, and that the firm size effect is still significant when risk-adjusted returns are controlled for difference in earnings/price (E/P) ratios. The major objectives of this study are to analyze the impact of size effect of the firm on the stock returns of the banking sector companies and to offer suitable suggestions to the investors in constructing their portfolio. This study was conducted with the secondary data already published during the previous financial years (2012-15). The study is to prove the size effect of firms on the stock returns in select banking sector companies listed in NSE.
The Efficient Market Hypothesis (EMH) states that current stock prices fully reflect all available public information such that it is impossible to consistently outperform the market through analysis of historical prices or public information alone. There are three forms of the EMH: weak, semi-strong, and strong. The weak form suggests past prices cannot predict future performance, while the semi-strong form incorporates all public information like earnings reports. The strong form suggests even private information cannot be used to outperform, though some studies contradict this. Overall, the EMH implies that markets are rational and prices adjust quickly to new information, making consistent outperformance difficult without private information.
This document summarizes a research study on factors influencing investor sentiment in the Indian stock market. The study analyzed how factors like herd behavior, use of internet, macroeconomic factors, risk and cost factors, performance factors, and best investment options related to gender. The results showed that gender had a significant relationship with herd behavior, macroeconomic factors, risk and cost factors, and best investment options. However, there was no significant relationship found between gender and use of internet or performance and confidence factors. In conclusion, the study found that most factors influencing investor sentiment were significantly related to the gender of the investor in the Indian stock market.
This document discusses financial information markets and the efficient market hypothesis. It introduces the efficient market hypothesis, which states that financial markets are informationally efficient and prices instantly reflect all available information. The document then discusses the debate between the efficient market view and the asymmetric information view. The asymmetric information perspective is that some market players have better information than others, which can lead to pockets of market inefficiency. Problems that can arise from informational asymmetries, like adverse selection and moral hazard, are also summarized.
The document discusses the Efficient Market Hypothesis (EMH). Some key points:
- EMH proposes that market prices fully reflect all available information and investors cannot consistently earn abnormal returns. It originated from the Random Walk Hypothesis.
- There are three forms of EMH (weak, semi-strong, strong) based on the information reflected in prices. Research initially supported weak and semi-strong forms but questioned strong form.
- Over time research identified anomalies like momentum and mean reversion that appear to allow abnormal returns, bringing EMH into question. Behavioral finance emerged examining psychological factors.
- While still debated, EMH is no longer considered the sole determinant of market behavior.
The document discusses the efficient market hypothesis which holds that current stock prices fully reflect all available public information. It describes different levels of market efficiency and the random walk theory that stock prices move randomly. The document notes that technical analysis which tries to predict prices from past trends has failed, while broad market indexes are difficult for professionals to consistently beat. Index funds are recommended as they match market returns over the long run.
Chp 11 efficient market hypothesis by mahmudulMahmudul Hassan
The document discusses the evolution and different forms of the efficient market hypothesis (EMH). It begins by explaining Maurice Kendall's 1953 study that found stock prices move randomly without predictable patterns. This challenged the notion that markets are irrational, and instead suggested markets are efficient. The document then discusses how the EMH developed, with the idea that markets quickly incorporate all available information into stock prices, making them unpredictable. It outlines Fama's three forms of the EMH based on the information reflected in prices. The implications of EMH for technical analysis, fundamental analysis, and active vs passive portfolio management are also discussed. Finally, empirical tests and evidence related to market efficiency are reviewed.
The document discusses the efficient market hypothesis which states that financial markets are efficient and security prices reflect all available information. It provides evidence that markets are at least semi-strong form efficient in that publicly available information does not allow consistently beating the market. The hypothesis implies that no investments are better than others and security prices accurately reflect risk and return. While markets quickly react to new information, predicting short-term movements is very difficult. Overall, the evidence supports some level of market efficiency.
The document discusses the concept of efficient capital markets. It defines the different forms of market efficiency - weak, semi-strong, and strong - and examines the empirical evidence regarding whether markets exhibit these forms of efficiency. While some evidence supports semi-strong efficiency, behavioral challenges and limits to arbitrage suggest markets may not fully reflect all private information as required for strong form efficiency. The implications are that firms should expect to receive fair value for securities and cannot profit from fooling investors, while investors should only expect normal returns based on publicly available information.
The document discusses the efficient market hypothesis (EMH), which states that stock prices already reflect all available public information, making it impossible for investors to outperform the market through strategies based on historical prices, economic news, or other public data. There are three forms of the EMH - weak, semi-strong, and strong - differing in the type of information believed to be reflected in prices. While several studies have found evidence supporting the EMH, others have found anomalies like value and small firm effects that appear to allow above-market returns. The validity of the EMH remains controversial.
The document discusses the efficient market hypothesis and random walk theory of stock prices. Some key points:
- Random walk theory states that stock price movements cannot be predicted from past prices and follow a random pattern. This implies markets are efficient.
- The efficient market hypothesis suggests that stock prices instantly reflect all available public information, making it impossible for investors to earn above-average returns.
- Empirical evidence provides mixed support for these theories. Studies of event periods find prices adjust rapidly to new information, but other anomalies like the size effect have been found, contradicting full market efficiency.
According to the EMH, stocks always trade at their fair value on stock exchanges, making it impossible for investors to either purchase undervalued stocks or sell stocks for inflated prices. As such, it should be impossible to outperform the overall market through expert stock selection or market timing, and that the only way an investor can possibly obtain higher returns is by purchasing riskier investments.
1) The document discusses factors that influence retail investors' stock selection decisions in India. It analyzes how demographic factors like gender, age, income, etc. impact the importance investors place on various decision-making criteria.
2) A literature review found studies examining factors in other countries like return, growth, risk tolerance, and recommendations. Indian studies looked at awareness programs, stories of success, and online trading influences.
3) The study aims to identify the key factors influencing Indian retail investors' stock choices and how demographic characteristics relate to the importance placed on different factors. Surveys were used to understand perceptions of criteria like management quality, returns, and financial ratios.
This document lists baby names from A to Z and provides a brief meaning for each name. It includes names like A'zaira meaning rose, Bob as an abbreviation for Robert, Caria meaning lovely, and Derrick referring to a famous ruler. The last names are Yasmin relating to the jasmine flower and Zachary meaning remembrance of the lord.
A comparative analysis of e readiness assessment in nigerianAlexander Decker
This document summarizes a study that investigated the impact of e-readiness on educational development among undergraduate students at four private universities in Nigeria. The study used questionnaires to assess e-readiness levels and their relationship to educational development. Results showed deficiencies in computer and internet infrastructure at the universities, negatively impacting students' education. Gender was also found to significantly affect internet accessibility. The study recommends improving infrastructure through increased investment and promoting gender balance to enhance e-readiness and educational development in Nigerian private universities.
Liquidation presents a formidable challenge to foreign and resident charities in Ethiopia. This commentary, drawn from the writer's experience as legal counsel to such charities, aims to explain the process in a simple and orderly manner. It also offers useful tips for charities facing liquidation.
Sky Business Centres went to Ethiopia for trading! Have a look on our pictures!
Elance workshops conducted by Pat Walsh in collaboration with Connect Ethiopia, in October 2009.
Este documento presenta un ejercicio para que los asistentes a una sesión se conozcan entre sí y creen un clima de amistad. El ejercicio involucra que cada persona escriba su nombre y cinco datos breves sobre sí misma en una etiqueta adherible. Luego, los participantes se dividen en grupos pequeños para presentarse y conocer a los demás. Al final, se reúnen para comentar su experiencia y cómo pueden aplicar lo aprendido en su vida.
An ‘econographic’ analysis of the relevance of the thomas malthus theory to n...Alexander Decker
The document analyzes the relevance of Thomas Malthus' population theory to Nigeria and Ethiopia. It provides population, population growth rate, and food production statistics for both countries from 1995 to 2010. The statistics show that while population grew progressively, food production growth was not constant and even declined in some periods, contrary to Malthus' theory that population grows geometrically while food grows arithmetically. The analysis finds that population growth rates in both countries have exceeded levels that many developed countries experienced during industrialization, posing challenges to development.
Stock market anomalies a study of seasonal effects on average returns of nair...Alexander Decker
This document summarizes a research study that examines seasonal effects (anomalies) on stock returns in the Nairobi Securities Exchange (NSE) in Kenya. Specifically, it analyzes the day of the week effect, weekend effect, and monthly effect. The study tests hypotheses about whether average returns differ by day of the week or month. It reviews previous literature documenting calendar anomalies in other stock markets. The conceptual framework focuses on analyzing the three seasonal effects. The study uses 12 years of daily closing price data for NSE indices to test the hypotheses and determine if the NSE exhibits calendar anomalies.
This document summarizes a study that examines the stock price reaction to dividend announcements in the Nepalese stock market. The study analyzes 139 dividend announcements between 2000-2011, categorizing them as dividend initiations, increases, decreases, or no changes. The study tests the hypotheses that dividend changes will be associated with subsequent stock price movements in the same direction, and that firm-specific factors may influence the stock price reaction. Event study methodology is used to analyze abnormal stock returns around the announcement dates. Preliminary results found higher positive abnormal returns for dividend initiations and increases, and higher negative returns for decreases. The study aims to test the semi-strong form of market efficiency and the dividend signaling hypothesis in the Nepalese market
11.efficient market hypothesis and nigerian stock marketAlexander Decker
This document discusses a study that examined the weak-form efficient market hypothesis in the Nigerian stock market from 1986 to 2010. The researchers tested for stationarity using the Augmented Dickey Fuller and Philip Perron tests, and used serial auto-correlation and regression analysis to test for random walks in stock prices. The results showed that stock prices do not exhibit random walks and are not informationally efficient. The study recommends stronger regulation and policies to develop the Nigerian stock market and enhance its informational efficiency.
Efficient market hypothesis and nigerian stock marketAlexander Decker
This document discusses a study that examined the weak-form efficient market hypothesis in the Nigerian stock market from 1986 to 2010. The researchers tested for stationarity using the Augmented Dickey Fuller and Philip Perron tests, and used serial auto-correlation and regression analysis to test for random walks in stock prices. The results showed that stock prices do not exhibit random walks and are not informationally efficient. The study recommends stronger regulation and policies to develop the Nigerian stock market and enhance its informational efficiency.
Ajekwe et al. 2017 testing the random walk theory in the nigerian stock marketNicholas Adzor
This document analyzes whether stock returns in the Nigerian stock market follow a random walk distribution by testing the weak-form efficiency of the market. The study uses daily return data from 2010 to 2014 of the top 20 most active stocks on the Nigerian Stock Exchange. Autocorrelation and runs tests were performed and found that daily stock returns were randomly distributed, indicating the market is informationally efficient at the weak form level. This means past stock price information cannot be used to consistently earn abnormal returns. The study recommends further efforts to improve the market to attract more domestic and foreign investment.
Determinants of stock price movements in nigeria evidence from monetary varia...Alexander Decker
This document summarizes a research article that examined the determinants of stock price movements in Nigeria from 1985 to 2010. The researchers used cointegration tests and regression analysis to analyze the relationship between stock prices and various macroeconomic variables, including monetary policy factors like interest rates, exchange rates, and money supply as well as inflation and political instability. The results showed no long-run relationship between the variables, but inflation was found to be a major determinant of stock price movements in Nigeria. The study recommends that monetary authorities pay attention to changes in money supply and inflation given their impact on stock prices.
Tangible market information and stock returns the nepalese evidence synopsisSudarshan Kadariya
This is a synopsis of the work done for the academic fulfillment purpose. The study have assumptions. The findings are suggested to related with its assumptions. I believe this work will help the financial / stock market in Nepal and it will also be accessible and share some features to the international financial market researchers.
Empirical Methods In Accounting And Finance.docx4934bk
This document discusses several studies on the relationship between investor sentiment and the mean-variance relationship in stock markets. It summarizes the key findings of various papers, including that investor sentiment can undermine the positive relationship between risk and return during high sentiment periods. Principal component analysis and GARCH models are used to analyze the impact of sentiment on markets. The results show sentiment has a significant effect and that the relationship varies across different markets and sentiment states.
Chapter 06_ Are Financial Markets Efficient?Rusman Mukhlis
The document discusses the efficient market hypothesis (EMH) which states that financial markets are efficient and security prices reflect all available information. It provides an overview of the basic reasoning behind the EMH and examines empirical evidence that both supports and challenges the hypothesis. The evidence is mixed but generally supports the idea that markets are efficient.
FE4051 Introduction To Financial Markets And Institutions.docx4934bk
The document discusses exchange-traded funds (ETFs), their benefits and drawbacks compared to mutual funds. ETFs track indices and other assets, have lower costs than index funds but come with trading fees. While more liquid than stocks, ETFs have risks such as price volatility and lack of yield guarantees. The efficient market hypothesis is also summarized, which proposes that stock prices reflect all public information and cannot be predicted.
Question 1 ETFs traded are marketable securities.pdfsdfghj21
ETFs (exchange traded funds) track the performance of indexes and assets like stocks. They have benefits like low costs and flexibility to trade like stocks. However, ETFs also have drawbacks like commission fees, lack of guarantee that market price matches underlying assets, and less customer service than some funds. The efficient market hypothesis states that stock prices reflect all public information, so fundamental analysis cannot be used to outperform the market regularly. There are weak, semi-strong, and strong forms of this hypothesis depending on what information is reflected in stock prices.
Impact of macroeconomic variables on stock returnsMuhammad Mansoor
The document discusses the impact of macroeconomic factors on stock returns. It provides background information on financial markets, primary and secondary markets, and stock market returns. It then summarizes several empirical studies that have examined the relationship between macroeconomic variables like interest rates, inflation, GDP, exchange rates, and stock market returns in countries like Pakistan, Japan, Nigeria, and others. The studies found both positive and negative relationships between different macroeconomic factors and stock returns in various markets. The document aims to contribute to this area of research by examining the impact of macroeconomic variables on stock returns in the Pakistani stock market.
11.cash dividend announcement effect evidence from dhaka stock exchangeAlexander Decker
This document summarizes a research study that investigated the market reaction to cash dividend announcements on the Dhaka Stock Exchange from 2006 to 2010. The study used an event study methodology to analyze abnormal stock returns around the announcement dates. The main findings were:
1) In 2006, 2007, and 2009 the market reacted positively to dividend announcements on the event date.
2) Some sectors like Food & Auxiliary, Fuel and Miscellaneous showed market impact both on the event date and post-event date across the years studied.
3) The study only used a simple methodology to detect market reactions and did not examine the underlying reasons for the reactions. It did not utilize various other potential statistical tests.
Cash dividend announcement effect evidence from dhaka stock exchangeAlexander Decker
This document summarizes a research study that investigated the market reaction to cash dividend announcements on the Dhaka Stock Exchange from 2006 to 2010. The study used an event study methodology to analyze abnormal stock returns around the announcement dates. The main findings were:
1) In 2006, 2007, and 2009 the market reacted significantly to dividend announcements on the event date.
2) Some sectors like Food & Auxiliary, Fuel and Miscellaneous showed market impacts both on the event date and post-event date across the years studied.
3) The study only used a simple methodology to detect market reactions and did not examine the underlying reasons for the reactions. It did not utilize various statistical tests available for such an analysis.
This document summarizes a research paper that studied the effects of initial public offerings (IPOs) on the long-run performance of stocks listed on the Nairobi Stock Exchange in Kenya. The study found that 51.5% of the variation in long-run stock performance was explained by factors like the difference between the offer price and closing day one price, firm age, size, number of shares issued, and subscription percentage. The regression model showed that these independent variables significantly predicted long-run performance. Specifically, differences in offer price vs. closing price, firm size, and number of shares issued positively impacted long-run performance, while firm age and subscription percentage had a negative effect. The paper concluded that firms should implement
This document examines the relationship between capital market development and economic growth in Nigeria from 2008 to 2018. It uses market capitalization, interest rate, and inflation rate as proxies for capital market development and GDP as the measure of economic growth. Multiple regression analysis is employed to analyze the data. The results suggest that the stock market has a positive but insignificant effect on economic growth in Nigeria. It is recommended that capital market regulators be more flexible to promote innovation without compromising investor protection. The government should also improve infrastructure to create a better business environment and boost productivity and economic activity.
The document discusses the efficient market hypothesis (EMH) which argues that stock prices reflect all available information. It defines three forms of market efficiency - weak, semi-strong, and strong - based on the types of information reflected in stock prices. The weak form states that prices reflect all historical price data, while the semi-strong form argues that prices immediately incorporate publicly available information. Empirical tests provide mixed support for the different forms of the EMH. The document also discusses potential market inefficiencies and anomalies that appear to contradict the EMH, such as the size effect and January effect.
Determinants of abnormal returns on the ghana stock exchangeAlexander Decker
This document summarizes a research study that examines the determinants of abnormal returns on the Ghana Stock Exchange following dividend initiation announcements. Specifically, it analyzes factors such as a firm's earnings changes, earnings volatility, dividend yield, age, institutional shareholding, size, market-to-book ratio, investment opportunities, and industry to determine if they influence the magnitude of abnormal returns around dividend initiation announcements. The results suggest that older firms and those in the manufacturing industry experience stronger positive investor reactions, while firms with good investment opportunities that decide to initiate dividends see negative reactions from investors.
This document summarizes a study examining the "day of the week effect" on stock returns in the Pakistani stock market between 2006-2010. The study finds evidence of a "Tuesday effect", with average returns on Tuesdays found to be significantly higher than other days of the week. Descriptive statistics show the mean Tuesday return was 164.88 compared to 100.25 on other days. Regression analysis also indicates returns were significantly higher on Tuesdays, violating the assumption of efficient market hypothesis that returns should be constant across all days. Therefore, the study concludes there is a day of the week effect in the Pakistani stock market with abnormal returns observed on Tuesdays.
Similar to An empirical analysis of efficiency of the nigerian capital market (20)
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
3. Scalability and expandability challenges involve adapting to the increasing volume of media content and being able to support new media formats and outlets over time.
This document surveys trust architectures that leverage provenance in wireless sensor networks. It begins with background on provenance, which refers to the documented history or derivation of data. Provenance can be used to assess trust by providing metadata about how data was processed. The document then discusses challenges for using provenance to establish trust in wireless sensor networks, which have constraints on energy and computation. Finally, it provides background on trust, which is the subjective probability that a node will behave dependably. Trust architectures need to be lightweight to account for the constraints of wireless sensor networks.
This document discusses private equity investments in Kenya. It provides background on private equity and discusses trends in various regions. The objectives of the study discussed are to establish the extent of private equity adoption in Kenya, identify common forms of private equity utilized, and determine typical exit strategies. Private equity can involve venture capital, leveraged buyouts, or mezzanine financing. Exits allow recycling of capital into new opportunities. The document provides context on private equity globally and in developing markets like Africa to frame the goals of the study.
This document discusses a study that analyzes the financial health of the Indian logistics industry from 2005-2012 using Altman's Z-score model. The study finds that the average Z-score for selected logistics firms was in the healthy to very healthy range during the study period. The average Z-score increased from 2006 to 2010 when the Indian economy was hit by the global recession, indicating the overall performance of the Indian logistics industry was good. The document reviews previous literature on measuring financial performance and distress using ratios and Z-scores, and outlines the objectives and methodology used in the current study.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf46adnanshahzad
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
An empirical analysis of efficiency of the nigerian capital market
1. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
An Empirical Analysis of Efficiency of the Nigerian Capital
Market
Fapetu, Oladapo Ph.D
Department of Banking and Finance, Ekiti State University, Ado-Ekiti, Nigeria
E-mail: dp_bright@yahoo.com
Adesina, Joseph Ayowole
Department of Accounting,Ekiti State Univeristy,Ado-Ekiti, Nigeria
E-mail: jaadesina@yahoo.com
Abstract
This study investigates empirically the efficiency of the Nigerian Stock Market and to test whether
professionally managed funds beat the market index or not. The average monthly returns data of five banks over
the period 2007 to 2011 were used.
The “market model” for estimating residuals was used to test the efficiency of the Nigerian Stock Market. The
abnormal return of the professionally managed portfolio is found to be insignificantly different from zero. The
result indicates that the Nigerian Stock Market is efficient in the strong form. The results from our findings thus
recommend fully computerisation of the Nigerian Stock Exchange and Stock broking firms so that effective
communication system; and timely, quick and instant access to price-sensitive information to maintain the strong
form efficiency of the Nigerian Stock Market.
Keywords: Efficient Market Hypothesis, Abnormal profit, managed funds, stock market crash, public
information.
Introduction
The capital market is a financial market in which long term capital are sourced for. Its purpose is to transfer
funds between lenders and borrowers efficiently. Norman (1957) stated that “the more efficiently the stock
exchange functions, the more readily can those with savings on hand buy variable price securities, and more
easily can they sell them when they need to”. Thus both borrowers and lenders are better off if efficient capital
market is used to facilitate fund transfers. According to Pandey (2002), the security prices in the capital market
have been observed to move randomly and unpredictably, implying that investors in the capital market take a
quick cognizance of all information relating to security prices, and that security prices quickly adjust to such
information. The more the speed of adjustment to any available information the more efficient the price.
An efficient capital market is that in which recent new information is freely, quickly and accurately disseminated
to interested parties and market participants, and share prices fully and instantaneously reflect all available
relevant new information. This means that when assets are traded, prices are accurate signals for capital
allocation (Copeland and Weston (1992); James and Netter (2002), Ross (1997), Omolehinwa (2001) expressed
more formally, market efficiency means that the anticipated portion of the return earned on a security is
unpredictable and, over efficient number of observations, does not differ systematically from zero (Van Horne,
2002).
As stated Sharpe, Alexander and Bailey (2000), market is efficient with respect to a particular set of information
if it is impossible to make abnormal profits by using this set of information to formulate buying and selling
decisions. However, there has been a little actual testing of the speed of adjustment of parties to specific kinds of
new information (Fama, Fisher, and Roll 1969).
Fama (1970) thus classified the capital market efficiency into weak form, semi-strong and strong form
efficiency; each of which is based on a different notion of exactly what type of information is understood to be
relevant in the phrase “all prices fully reflect all relevant information’’. The weak form efficiency is concerned
with the adjustment of security prices to historical price information. The semi strong efficiency is concerned
with the adjustment of share price to public information such as published new issue, accounting changes,
earnings announcement, stock split, e.t.c. the strong form efficiency is concerned with the adjustment of share
prices to all types of information whether publicly available or not.
Thus, if the capital market is efficient relative to given information set, no individual with access to such
information can make excess or abnormal returns by trading on them (Fama 1970; Olowe, 1990; Oloyede 2001).
According to Olowe (1998) the same rate of return for a given level of risk should be realized by all investors in
an efficient market.
However, certain anomalies such as the January effect (tendency for firms with small capitalization to have
abnormally high returns in the first five days of that month) and speculative bubbles (as a result of stock market
crash, rapid decline in technology stocks etc) among others tend to question the efficiency of the capital market.
The stock market crash of 1987 when it went into free fall losing 20% in few hours for no apparent reason is not
111
2. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
consistent with market efficiency (Van Horne, 2002: Ross, Westerfield and Jaffe, 1996).
The empirical test of capital market efficiency began even before Engene Fama (the father of finance) of the
University of Chicago offered a theory in 1970. Most of the empirical research on stock market efficiency of
some countries such as U.K and U.S. reveal that their capital market are efficient in semi-strong form (Fama,
Fisher, Jensen and Roll, 1969; among others); while some reveals strong efficiency (Jensen, 1968; Detzler and
Wiggin, 1997), other show strong inefficiency (Annaert, Var Den Broeck and Vennet, 2001; Dan, Mayers and
Raab, 1977).
This study focuses on the Nigeria capital market. The empirical research, though few that have been conducted
on the efficiency in the weak form and inefficient in the semi-strong form (Olowe, 1999). Specifically, this study
aims at testing the strong form efficiency of the Nigeria capital market.
LITERATURE REVIEW
This focuses on the strong form efficiency of the capital market. Under the strong form, all information–even
apparent company secrets-is incorporated in security prices; thus no investors can earn excess profit trading on
public or non- public information. (Jones and Nether, 2002). This was buttressed by Omolehinwa (2001) who
said that if the strong form efficiency exists, prices might not move at all when new information is publicly
announced as the market will already be aware of the information prior to public announcement and would have
already reacted to the information. This is consistent with the position of Ross, Westerfield and Jaffe (1996).
Pandey (2002) considered the strong form efficiency as a significantly strong assertion and that empirical
studies have not borne out the strongly efficient market hypothesis. It is very difficult to believe that those with
true values inside information will not earn superior returns by trading on it. Some studies (Jaffe, 1974;
Copeland and Weston, 1992; Finnerty, 1976) have proved those insider are able to make abnormal profit. One of
the interesting implications of the empirical work on insider trading is that it is consistent with the point of view
that markets do not have aggregate information.
According to Omolehinwa (2001), the timing of new issue, which is irrelevant when the market is efficient,
could be relevant when considering inside information; since companies that have some bad news which have
not been released to the public can take advantage by issuing new shares before the release causes the share price
to fall. Also, the possession of inside information could enable a company to identify an undervalued company
while considering merger or takeover. (Brealey and Myers, 2000; Omolehinwa, 2001).
Olowe (1998) asserted that in a company where there is no stiff action on insider trending, management withheld
unfavourable information about their company could defraud investors. Ross, Westerfield and Jaffe (1996)
reported that a U.S. government agency, the security and exchange commission, in a quest to and regulate inside
trading requires insiders in companies to reveal any trading they might do in their own company’s stock. By
examine the record of such traders; one can see whether they made abnormal profits.
Bauman (1999) gave the summary of “Marsden’s electronic trading model to help curb insider trading”. He said
that to eliminate the insiders’ significantly excess profits, electronic communication was introduced to enable
traders to easily track each other’s stock orders. Thus, if one trader had inside information about a company and
put it in a large purchase order for stock, the computerized system will enable other traders to observe this
activity and modify their trading activity accordingly. This creates a level playing field and makes it difficult to
illegally profit from insider trading.
Test of Strong Form
A direct test of strong form efficiency is whether or not insiders with assess to information that is not public
available cannot outperform the market (Copeland and Weston, 1992). Tests of the strong form efficiency
hypothesis have examined the recommendations of professional security analysts and have looked for mutual
funds or pension funds that could predictably outperform the market (Brealey and Myers 2000). These tests
consist of analyses of the performance of professionally managed portfolios. Some researchers have found a
slight persistent out-performance, but just as many have concluded that professionally managed funds fail to
recoup the costs of management.
Empirical Evidence
Jensen (1998) studied the performance of 115 mutual funds, using annual data between 1955 and 1964. The
result of his work shows that on the average, the mutual funds were not able to predict security prices well
enough to outperform a buy-and-hold strategy. There was a little evidence that any individual fund was able to
beat the market. This tends to show that the strong form of efficient market hypothesis hold. Detzler and
Wiggins (1997) studied the performance of 35 actively managed international funds using 111 monthly returns.
They used a multi- index benchmark. Their result suggests that these funds exhibit no significant performance
persistence.
Carhart (1997) also conducted a study on the persistence in mutual fund performance. He used the average
annual returns on 1493 U.S mutual funds and the market index for the period 1962-1992. He noticed that mutual
112
3. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
funds under perform the market in approximately half the years. However, mutual funds beat the market in
some years, but as often as not it was the other way round. One can thus infer from this that smarter managers
can earn superior profits, but it seems difficult to spot the smart ones. In a further study by Jensen (1969), he
plotted the average return and beta of different mutual fund managers over the period 1955-1964. The evidence
of this study suggested that about half of the mutual funds outperformed the standard and poor composite index
and about half under performed the index. This evidence is therefore consistent with the market efficiency. Guy
(1978) while examine the effects of international diversification of portfolios discovered that the British trusts do
not significantly out perform the London stock exchange nor randomly selected portfolios of U.K. and U.S.
stock.
Most mutual funds do claim to be able to use their professional expertise to earn abnormal returns through
successful prediction of future security prices. This was looked into by Howe and Pope (1996). They
investigated the usefulness of Forbes equity fund performance ratings in predicting future mutual fund returns
for the period of “September 1974 through August 1990”, using the correlation analysis. Their result shows that
Forbes equity fund rating show some ability to predict the fund’s beta over virtually every period examined,
while it is of little use in predicting future fund performance.
Brealey and Myers (2000) and Ross, Weston and Jaffe (1996) asserted that evidence on strong-form efficiency
has proved to be sufficiently convincing that many professionally managed funds have given up the pursuit of
superior performance; they simply “buy the index”, which maximizes and minimizes the cost of managing the
portfolio.
The traditional efficient market hypothesis paradigm was critically re-examined by Russel and Torbey. They
emphasized that the dynamics of stock market behaviour would perhaps be best advanced by adopting a multidisciplinary approach that incorporates both qualitative and quantitative research tools. They thus proposed that
the popular efficient market hypothesis paradigm be refined to embody the psychological and speculative aspect
of the stock market.
Annaert, Vanden Broek and Vennet (2001) studied the determinants of mutual fund performance using the
Bayesian Stochastic frontier approach. Their analysis of the European equity funds over the period 1995-1998
reveals that size and historical performance are related to fund efficiency and fail to find a link between fund age
and performance. Also, they find no relationship between efficiency and historical return in the top 80% of
funds. This is in line with the fund performance persistence in literature.
In order to provide the strongest test of market efficiency, Dann, Mayers and Raab (1977) collected continuous
transaction data during the day of a block trade for a sample of 298 blocks with large prices declines between
July 1968 and December 1969. Their report shows the possibility of earning excess rate of return even after
adjusting for risk, transaction costs and taxes. They thus interpreted this as evidence that the capital market is
inefficient in the strong form. This is consistent with the position held by Copeland and Weston (1992) about
individuals who participate at the block price. Individual who are notified of the pending block trade and who
can participate at the block price before the information becomes publicly available do in fact appear to earn
excess profits.
Abnormal returns computed from the market model indicate that insiders are able to “beat the market” on a riskadjusted basis, both when selling and when buying, indicate that the strong form efficient market hypothesis
does not hol (Jaffe, 1974 Finnerty, 1976; Copeland and Weston, 1992).
According to Grossman (1980) and Main (1977), investors who utilize costly information will have higher gross
rates of return than the uninformed investors. However, if the capital market is efficient in the strong forms, the
net rates of return for the informed investor after paying for the information would equal to the rate of return of
the uninformed investors. This is what Bauman (1999) referred to as a level playing field. Considering the
Nigerian case, Unugbu (2003), stated in a write-up, that in spite of the activities of these regulatory institutions
(SEC and NSE), some under-the-table activities still abound in the market.
However, Osinbajo (1991) said that the evidence on the existence of insider trading in the Nigerian capital
market is hard to come by, either because of its present level of trading activities or the level of some
sophistication of the market. Also, Okereke-Onyiuke (1994), based on the outcome of a conference held by SEC
on “Insider Dealing” in 1991, asserted that there have been no recorded cases of insider dealings in the Nigerian
capital market. This she said was as a result of the effective supervision and policing of market operators by
both SEC and NSE. The problem therefore is that these seminar presentations and write-up are not backed up
with empirical evidence.
DATA SOURCES AND RESEARCH METHODS
The quoted stock prices of companies were extracted from the monthly stock market review for the period
August 2007 to January 2011 (42 months). Companies that did not have their stock prices quoted for these
consecutive 42 months were not included in the stock prices collection. Only 28 companies satisfy this
113
4. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
condition. Also, 5 banks out of the 28 companies were used as case study.
Stock Returns: The monthly stock prices of each of the 28 companies were used to obtain their monthly stock
returns over the period August 2004 to January 2006. For a given security, the return is calculated thus:
Pjt – Pjt-1
Rjt =
Pjt-1
Where Rjt = Return on security of company j in month ‘t’
Pjt = Quoted price of the security of company j for month ‘t’
Pjt-1 = Quoted price of the security of company j for month ‘t’
Stock Market Return: An equally weighted portfolio is used as proxy for the stock market return (Rm). The
market return of each month was obtained by taking the average of the 28 companies’ security returns.
Model Specification
The residual methodology is employed with residual analysis as a test of efficiency. The market model is used
for estimating residuals:
Rjt = = αj + BjRmt + ejt
Where Rjt = observed amount of security ‘j’ in month‘t’
Rmt = Stock market return in month ‘t’
αj and Bj = OLS estimates from the regression of stock returns on market return over the estimated period.
Ejt = ARt = Abnormal return for month ‘t’
Statement of Hypothesis
Ho : Professionally managed portfolio insignificantly outperforms the market index.
H1: Professionally managed portfolio significantly outperforms the market index.
Test of Hypothesis
Student‘t’ test will be used to test if the difference between the professionally managed portfolio return and
market return (i.e. Abnormal Return) is significantly different from zero.
Ho: AR = 0
H1: AR ≠ 0
AR
t =
Sd/√n
Where Sd = √[Σd2 – ((Σd)2/n))/(n-1)]
n
ARt = Σ [Rjt – E(Rjt)]
t=1
ARt = Abnormal Return for month ‘t’
AR = Average Abnormal Return for the period under study
Sd = Standard Deviation of the AR
Rjt = Actual Security ‘j’ returns for month ‘t’
E(Rjt) = Expected Security ‘j’ returns for the month ‘t’ computed from the
OLS regression model (E(Rjt) = αj + Bj.Rmt)
DISCUSSION OF FINDINGS
From the regression equation, a 1% change in market return will lead to 1.0063% change in the security ‘j’
return; and when there is no change in the market return, the ‘j’ return will still change by 0.0052%. Since αj is
positive (0.0052), then after adjusting for risk and for movements in the market index, the abnormal performance
is also positive. However, the value of αj (0.0052) is very near to zero and thus suggesting an insignificant out
performance of the professionally managed fund.
The beta of 1.0063, though greater than 1, is very close to 1. This implies that the return on managed fund just
slightly varies more than proportionately with the market return.
The coefficient of determination (R2) indicates that stock return on the average explained 37% of variability in
the managed fund returns. The correlation coefficient (r), 0.61, indicates a positive significant but not very
strong relationship between the market returns and the managed fund returns.
Testing the significance of ‘r’ at 16(n-2) degrees of freedom with 5% significance level, the calculated t for r is
less than the tabulated t for r (0.3065 < 2.120). The calculated t for r falls within the acceptance region,
indicating that ‘r’ is not different from zero.
Also, testing for the significance of abnormal returns (AR) at 17(n-1) degrees of freedom with 5% significance
level, the calculated ‘t’ is found to be less than the critical values of ‘t’ (0.0017 < 2.110). That is, the calculated
114
5. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
‘t’ falls within the acceptance region. This evidence shows that AR is not different from zero. This proves the
validity of the Fair Game Model that stated that on the average across a large number of samples, the expected
return on an asset equals its actual return.
More so, fig. 1 shows that there is linear relationship between Rmt and Rjt fig. 2 shows that Cumulative Abnormal
Return over the period under study. It shows that the security prices adjust to new information. Fig. 3 and 4
show he relationship between Market Return, E(Rjt) and Rjt. The actual security prices slightly outperform the
return and expected security return only in 8 months out of 42 months of study. This thus, confirms the strong
form efficiency of the Nigerian Stock Market.
Based on the above results, it is discovered that though the professionally managed fund returns slightly
outperform the market return, there performance is not statistically significant at 0.05 significance level. The
out performance is thus due to chance. This finding supports those of Jensen (1968); and Detzler and Wiggins
(1997).
Since, there is little evidence that professionally managed portfolio is able to beat the market index consistently,
the strong form hypothesis of market efficiency tends to hold. This suggests at many professionally managed
fund have given up the pursuit of superior performance and simply ‘buy the index’ which maximizes
diversification and minimizes the cost of managing the portfolio.
CONCLUDING REMARKS
This study investigates whether the Nigerian stock market is efficient in the strong form. That is whether the
quoted securities prices on the Nigerian stock market adjust to all available information. This will implies that
no investor will be able to make abnormal return, trading on inside information.
A sample of five banks was used to determine if they outperform the Nigerian stock market index consistently.
It was discovered that on the average, these banks are not able to beat the market consistently. Thus, the
Nigerian stock market appears to be efficient in the strong form. Therefore, Ho will not be rejected.
This result therefore provides an empirical evidence to the assertion of Osinbanjo (1991) and Okereke-Onyiuke
(1994) that there had been no recorded cases of insiders dealings in Nigeria and that is why it does exist in less
obvious forms, the magnitude of its occurrence is very minute. This indicates the effectiveness of the
supervision and policing of market operator, though various code of conduct and penalties for contravention, by
both Securities and Exchange Commission and Nigerian Stock Exchange.
However, the result of this study is not consistent with the findings of Olowe (1999). The question is how can
the Nigerian stock exchange be efficient in the strong form while it is not efficient in the semi-strong form? This
may be due to the fewness in the number of months that was studied or the technique used. According to
Iyiegbuniwe (1999) a major limitation of residual analysis for accessing the impact of information on security
price is that it cannot discriminate among the respective information contents of multiple information variables.
He thus suggested information theory (IT) as an alternative methodology. Therefore, further research is
therefore suggested to validate the finding of this study.
Notwithstanding, based on the empirical findings, this study recommends that more efforts should be geared
towards making all investors having timely, quick and instant access to price–sensitive information. This will
lead to security pricing efficiency, as security prices will fully reflect all the available information. Nigerian
investors also need to be educated about interpreting financial information that may likely affect share prices.
SEC and NSE should ensure that the penalties for contraventions are effected on any one who tries to take an
undue advantage of the market.
Also, the NSE and all the market operators should be fully
automated/computerized, this will help to maintain the efficiency of the Nigerian Stock Market.
REFERENCES
Annaert, J; Van den Broeck, J and Vennet, R.V. (2001), “Determinants of Mutual Fund Performance: A
Bayesian Stochastic Frontier”, Working paper, Ghent University, Belgium. June 2001/103, p. 1-26.
Bauman, D. (1999), “Marsden’s Electronic Trading Model to Help curb Insider Trading”, Advance, University
of Connecticut, Sept. 20.
Brealey, R. and Myers, C. (2000), Principles of Corporate Finance, 6th Edition, McGraw-Him Higher
Education, P. 354-377.
Carhart, M.M. (1997),” Persistence in Mutual Fund Performance”, Journal of Finance 52 March, p.57-82.
Copeland, T.E and Weston, J.F (1992), Financial Theory and Corporate Policy, 3rd Edition, Addition-Wesley
Publishing Company, USA, P. 330-400.
Dann,L; Mayers, D. and Raab, R. (1977), “Trading Rules, Large Blocks and the speed of Price Adjustment”
,Journal of Financial Economics, Jan., p.3-22.
Detzler, M.L and Wiggins, J.B (1997),”The performance of Actively Managed International Mutual Funds”,
Review of Quantitative Finance and Accounting 8(3).p, 291-313.
115
6. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
Fama, E F (1970): “Efficient Capital Markets-A Review of Theory and Empirical Work”, Journal of Finance,
May, p 383-417.
Fama. E.F; Fisher, L; Jensen, M.C and roll, R. (1969),” The Adjustment of Stock Prices to New Information”,
International Economics Review, Vol.10, Feb. P 1-21.
Finnerty, J.E (1976), “Insiders and Market Efficiency”, Journal of Finance, Sept., p 1141-1148.
Grossman, S.J (1980), “The impossibility of Informationally Efficiency Markets”, American Economic Review,
June, p. 393-408.
Guy, J.R.F. (1978), “An Examination of the Effect of International Diversification From the British Viewpoint
on both Hypothetical and Real Portfolios”, Journal of Finance. 33(5), p. 1425-1438.
Howe, T.S. and Pope, R.A. (1996), “Equity Mutual Fund Historical Performance Ratings As Predictors of Future
Performance”, Journal of Financial and Strategic Decision, Vol. 9, No 1, Spring, p. 33-37.
Iyiegbuniwe, W.I. (1999), “Information Theory Analysis of The Impact of Earning and Dividend Announcement
on Stock Prices”, Nigeria Journal of Banking and Financial Issues, Vol. 1, P. 30-50.
Jaffe, J (1974), “Special Information and Insider Trading”, Journal of Business, July, p. 410-428.
Jesen, M. (1968), “The Performance of Mutual Funds in the Period 1945-1964”, Journal of Finance, May, p.
389-416.
Jesen, M. (1969), Risks, the Pricing of Capital Assets, and the Evaluation of Investment Performance”, Journal
of Business 42, April, p. 2.
Jones, S.L. and Netter, J.M (2002): “Efficient Capital Markets”, The concise Encyclopedia of Economics, The
Library of Economics and Liberty, Liberty Fund Inc.
Main, N.E. (1977), “Risk, the pricing of Capital Assets and the Evaluation of Investment Portfolios –
Comments”, Journal of Business, July, p. 371-384.
Nigeria Stock Exchange Monthly Stock Market Review, Various Issues. (August, 2004 to January 2006).
Normal, M. (1957), The London Capital Market: It’s Structure, Strain and Management, Staple Press Limited,
London, p. 92.
Okereke-Onyiuke, N. (1994), “Checking Unethical Practices in the Capital Market: The Role of Self-Regulatory
Organization”, Presented at a National Seminar Organized by SEC, Lagos, June 1, p. 1-12.
Olowe, R.A. (1998), “Financial Management: Concepts, Analysis and Capital Investments, Brierly Jones
Nigeria Limited, Lagos, p. 154-159.
Olowe, R.A. (1999), “Stock Splits and the Efficiency of the Nigerian Stock Market”, Nigerian Journal of
Banking and Financial Issues, Vol. 2, No. 1, April, 51-76.
Oloyede, J.A. (2001), Fundamentals of Investment Analysis, The Lion Press, Lagos.
Omolehinwa, A. (2001), Work Out Corporate Finance (Notes and Worked Examples), 2nd Edition, Panaf
Publishing Inc., p. 365-397.
Osinbajo, A. (1991), “Insider Dealings – Who, What, How”, Being a paper presented at an Executive
Conference on Insider Dealings Organised by Potomac Workshops, Lagos, August 7.
Pandey, I.M. (2002), Financial Management, 8th Edition, Vikas Publishing House PVT Ltd, New Delhi, India, p.
973-979.
Rose, P.S. (1997), Money and Capital Markets: Financial Institutions and Instruments in a Global Market
Place, 6th Edition, Irwin/McGraw-Hill New York, p. 15.
Rose; Westerfield, and Jaffe, (1996), Corporate Finance, McGraw-Hill Companies Inc. USA, p. 335-359.
Russel, P.S. and Torbey, V.M (2001), “The Efficient Market Hypothesis on Trial”: A survey.
Sharpe, W.F’; Alexander, G.J and Bailey, J.V (2001), Investments, 5th Edition, Prentice-Hall of India Private
Ltd, New Delhi, p. 106.
Unugbu, O.C.K (2003), “Ethical Issues and Insider Abuse in Capital Market Business: The Way Forward”, The
Nigerian Stockbroker, July-Sept, p. 3-7.
Van Horne, J.C. (2002), Financial Management Policy, 12th Edition, Pearson Education Inc., India.
116
7. Research Journal of Finance and Accounting
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.17, 2013
www.iiste.org
APPENDIX
Fig 1
Fig 2
Fig 3
Fig 4
EMPIRICAL RESULTS
Summary of Results
Rjt = 0.0052 + 1.0063 Rmt
αj = 0.0052
Bj = 1.0063
R2 = 0.37
r = 0.61
Calculated t for r = 0.3065, tabulated t for r = 2.120
Calculated t for AR = 0.001676, tabulated ‘t’ for AR = 2.110
117
8. This academic article was published by The International Institute for Science,
Technology and Education (IISTE). The IISTE is a pioneer in the Open Access
Publishing service based in the U.S. and Europe. The aim of the institute is
Accelerating Global Knowledge Sharing.
More information about the publisher can be found in the IISTE’s homepage:
http://www.iiste.org
CALL FOR JOURNAL PAPERS
The IISTE is currently hosting more than 30 peer-reviewed academic journals and
collaborating with academic institutions around the world. There’s no deadline for
submission. Prospective authors of IISTE journals can find the submission
instruction on the following page: http://www.iiste.org/journals/
The IISTE
editorial team promises to the review and publish all the qualified submissions in a
fast manner. All the journals articles are available online to the readers all over the
world without financial, legal, or technical barriers other than those inseparable from
gaining access to the internet itself. Printed version of the journals is also available
upon request of readers and authors.
MORE RESOURCES
Book publication information: http://www.iiste.org/book/
Recent conferences: http://www.iiste.org/conference/
IISTE Knowledge Sharing Partners
EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open
Archives Harvester, Bielefeld Academic Search Engine, Elektronische
Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial
Library , NewJour, Google Scholar