Fama

Fama recent studies seem to conjure up market inefficiency–specifically, long-run downstairs reaction or overreaction to information. It is time to ask whether this literature, viewed as a whole, in fact suggests that efficiency should be discarded. My coiffe is a solid no, for two reasons. First, an efficient market generates categories of events that one at a time suggest that prices overreact to information. But in an efficient market, sp be downstairs reaction will be about as shit as overreaction. If anomalies split randomly between under- and overreaction, they ar accordant with market efficiency. It turns out that identified anomalies fall in a roughly even split between apparent overreaction and under reaction. Second, and more important, we find that the long-term return anomalies are polished to methodology. They tend to become marginal or meld when undecided to different models for expected (normal) returns or wh en different statistical approaches a...If you exigency to get a full essay, order it on our website: OrderEssay.net

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