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FINANCIAL MARKET COURSES

Market Efficiency – The Evidence

Mindful of the contentious nature of the theory of market efficiency, this course describes the main research findings that either support or contradict the weak form of the Efficient Market Hypothesis over the years. It summarizes the main results of studies that test the semi-strong form of the Efficient Market Hypothesis and explains and interprets the studies used to test its strong form. The course also provides different examples of market inefficiencies and explains the findings of studies supporting their presence.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the main research findings that either support or contradict the weak form of the EMH

    Summarize the main results of studies that test the semi-strong form of the efficient market hypothesis

    Explain the types of studies used to test the strong form of the EMH, and interpret their overall findings

    List different examples of market inefficiencies and explain the overall findings of studies that support the presence of such inefficiencies

  • COURSE OUTLINE

    Topic 1: Evidence Concerning the Weak Form EMH

    Trading Rules

    Filter Rules

    Moving Averages

    Serial Independence

    Topic 2: Evidence Concerning the Semi-Strong Form EMH

    Stock Splits

    Merger Announcements

    Earnings Announcements

    Topic 3: Evidence Concerning the Strong Form EMH

    Insider Trading

    Jaffe’s Study

    Finnerty and Seyhun

    Topic 4: Evidence of Market Inefficiency

    Agency Costs

    Size Effect

    Weekend Effect

    January Effect

    Relative Strength

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    115 Minutes

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