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Essay / Research Paper Abstract
This 6 page paper is written in two parts. The first three pages examine efficient market hypothesis (EMH), outlines the three forms. Weak, semi strong and strong and assesses their accuracy. The second three pages of the paper look at the difference between net asset values and capitalization in a well known company; Wal-Mart, and explains why there maybe greater value placed on a company over and above the net assets, looking at factors, such as investment return, market expectations and intellectual capital. The bibliography cites 8 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEshareval.rtf
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Unformatted sample text from the term paper:
basic idea is that it is not possible to beat market prices as the prices will already include the relevant market information (Fama, 1965, 1991). The model states that,
at any given point in time, the price of the stocks or securities, will reflect the information that is currently available about the stock itself and about the market (Fama,
1991). The theory has been around a long time, and was first proposed by Eugene Fama, and evolved in the 1960s (Fama, 1965). In this market there were assumed to
be investors that were well informed, and worked in a logical manner, where shareholders which to maximise their returns and would all try to predict the future.
There are different variations of this model; the weak form, the semi-strong form and the strong form (Freeman, 2001). With the first form; the weak
form, the model looks at information that considers the past prices, in the semi-strong form there is the use of all publicly available information, in the last form the strong
form there is the use of all the information, both public and private. If we look more closely at each form we will understand it in greater
depth. The weak form of the hypothesis says that when trying to find a stock where there is a bargain price the role of a technical analysis of the trends
will not yield any benefit, as the price that the stock is currently priced at will reflect the available information and has already been incorporated (Freeman, 2001). The
semi-strong form of EMH this is the model where there is an inclusion of the information that is available publicly in the way the price has been set. If this
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