How to tests the Semi strong Form of Market Efficiency?

I really suck at this management questions. Please provide the details.
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"Semi strong form efficiency states that security prices reflect all publicly available information. Semi strong Form of Market Efficiency Test takes care of the following approaches: I. Event studies: That examine how fast stock prices adjust to specific significant economic events • Identify the event to be studied and pin point the date on which the event was announced • Collect returns data around the announcement date • Calculate the excess returns by period around the announcement date for each firm in the sample • Compute the average excess returns across all firms • Assess whether the excess returns around the announcement date are different from zero II. Portfolio Study or Return Prediction Study: That examines the possibility of earning superior risk-adjusted returns by trading on an observable characteristic of a firm like P/E ratio, dividend yield etc. • Define the variable (characteristic) on which firms will be classified • Classify firms into portfolios based upon the magnitude of the variable • Compute the returns for each portfolio • Calculate the excess returns for each portfolio • Assess whether the average excess returns are different across the portfolios. Source: http://in.docsity.com/en-docs/Testing_Market_Efficiency_-_Security_Analysis_and_Portfolio_Management_-_Solved_Quiz_"
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"A class associated with EMH (Useful Marketplace Theory) in which signifies all populace details are computed in a stock's stream stock price. Meaning that neither of them simple or technical analysis of stock trends can be used to gain ranking(a) increases. "
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