英语论文网

留学生硕士论文 英国论文 日语论文 澳洲论文 Turnitin剽窃检测 英语论文发表 留学中国 欧美文学特区 论文寄售中心 论文翻译中心 我要定制

Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal

英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献

ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter

澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文

小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法

英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查

temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语

经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目

日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题

职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意

商务英语翻译论文广告英语商务英语商务英语教学

无忧论文网

联系方式

美国罗切斯特大学毕业论文:异常与市场效率:ANOMALIES AND MARKET EFFICIENCY

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2010-12-24编辑:anterran点击率:36007

论文字数:14235论文编号:org201012241406235082语种:英语 English地区:美国价格:免费论文

附件:20101224140623536.pdf

关键词:market efficiencyanomalysize effectvalue effectselection biasmomentum

ANOMALIES AND MARKET EFFICIENCY
Abstract

Keywords 939
1. Introduction 940
2. Selected empirical regularities 941
2.1.写留学论文 Predictable differences in returns across assets 941
2.1.1. Data snooping 941
2.1.2. The size effect 942
2.1.3. The turn-of-the-year effect 943
2.1.4. The weekend effect 944
2.1.5. The value effect 945
2.1.6. The momentum effect 947
2.2. Predictable differences in returns through time 949
2.2.1. Short-term interest rates, expected inflation, and stock returns 950
2.2.2. Dividend yields and stock returns 952
3. Returns to different types of investors 954
3.1. Individual investors 954
3.1.1. Closed-end funds 955
3.2. Institutional investors 956
3.2.1. Mutual funds 956
3.2.2. Hedge funds 956
3.2.3. Returns to IPOs 957
3.3. Limits to arbitrage 959
4. Long-run returns 959
4.1. Returns to firms issuing equity 960
° The Bradley Policy Research Center, William E. Simon Graduate School of Business Administration,
University of Rochester, provided support for this research. I received helpful comments from Yakov
Amihud, Brad Barber, John Cochrane, Eugene Fama, Murray Frank, Ken French, David Hirshleifer,
Tim Loughran, Randall Mørck, Jeff Pontiff, Jay Ritter, Ren´e Stulz, A. Subrahmanyam, Sheridan Titman,Janice Willett and Jerold Zimmerman. The views expressed herein are those of the author and do notnecessarily reflect the views of the National Bureau of Economic Research.
Handbook of the Economics of Finance, Edited by G.M. Constantinides, M. Harris and R. Stulz
2003 Elsevier Science B.V. All rights reserved
938 G.W. Schwert
4.2. Returns to bidder firms 962
5. Implications for asset pricing 964
5.1. The search for risk factors 964
5.2. Conditional asset pricing 965
5.3. Excess volatility 965
5.4. The role of behavioral finance 965
6. Implications for corporate finance 966
6.1. Firm size and liquidity 966
6.2. Book-to-market effects 966
6.3. Slow reaction to corporate financial policy 967
7. Conclusions 968
References 968
Ch. 15: Anomalies and Market Efficiency 939
Abstract
Anomalies are empirical results that seem to be inconsistent with maintained theories
of asset-pricing behavior. They indicate either market inefficiency (profit opportunities)
or inadequacies in the underlying asset-pricing model. After they are documented and
analyzed in the academic literature, anomalies often seem to disappear, reverse, or
attenuate. This raises the question of whether profit opportunities existed in the past,but have since been arbitraged away, or whether the anomalies were simply statisticalaberrations that attracted the attention of academics and practitioners.One of the interesting findings from the empirical work in this chapter is that manyof the well-known anomalies in the finance literature do not hold up in different sample
periods. In particular, the size effect and the value effect seem to have disappeared afterthe papers that highlighted them were published. At about the same time, practitionersbegan investment vehicles that implemented the strategies implied by the academicpapers.The weekend effect and the dividend yield effect also seem to have lost their
predictive power after the papers that made them famous were published. In thesecases, however, I am not aware of any practitioners who have tried to use theseanomalies as a major basis of their investme论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

共 1/3 页首页上一页123下一页尾页

英国英国 澳大利亚澳大利亚 美国美国 加拿大加拿大 新西兰新西兰 新加坡新加坡 香港香港 日本日本 韩国韩国 法国法国 德国德国 爱尔兰爱尔兰 瑞士瑞士 荷兰荷兰 俄罗斯俄罗斯 西班牙西班牙 马来西亚马来西亚 南非南非