An Empirical Investigation of the Adjustment of Stock Prices to New Quarterly Earnings Information PDF Download
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Author: Ronald Joseph Jordan
Publisher:
ISBN:
Category : Corporate profits
Languages : en
Pages : 214
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Author: Ronald Joseph Jordan
Publisher:
ISBN:
Category : Corporate profits
Languages : en
Pages : 214
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Author: Lars-Erik Forsgårdh
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Author: O. Maurice Joy
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Author: James Verlin Davis
Publisher:
ISBN:
Category : Speculation
Languages : en
Pages : 240
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Author: Phillip Cagan
Publisher:
ISBN:
Category : Corporate profits
Languages : en
Pages : 52
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Author: Eugene F. Fama
Publisher:
ISBN:
Category :
Languages : en
Pages : 28
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There is an impressive body of empirical evidence which indicates that successive price changes in individual common stocks are very nearly independent. Recent papers by Mandelbrot and Samuelson show rigorously that independence of successive price changes is consistent with an efficient market, i.e., a market that adjusts rapidly to new information. It is important to note, however, that in the empirical work to date the usual procedure has been to infer market efficiency from the observed independence of successive price changes. There has been very little actual testing of the speed of adjustment of prices to specific kinds of new information. The prime concern of this paper is to examine the process by which common stock prices adjust to the information (if any) that is implicit in a stock split. In doing so we propose a new event study methodology for measuring the effects of actions and events on security prices.
Author:
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ISBN:
Category : Stocks
Languages : en
Pages : 14
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Author: Catherine Sherman Woodruff
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 234
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Author: Reena Aggarwal
Publisher:
ISBN:
Category : Stock exchanges and current events
Languages : en
Pages : 90
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Author: James M. Patell
Publisher:
ISBN:
Category : Stocks
Languages : en
Pages : 50
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