代写留学生论文：有效市场理论

代写留学生论文：有效市场理论

已经观察到,在收益报告发布之后,股票价格不尽快调整他们预计将在有效市场假说。因此收益惊喜时投资者可以通过投资股票获得超额回报。这是违反半强式效率。因此,投资者根据财报季可以赚取额外的回报。正常情况下,它已被观察到的公司给出了积极的意外收益趋于上升,投资者投资于这类股票。然而即使公司发布强劲业绩,但它不符合预期的投资者在事件的公司股票价格打压市场,它给负回报。进一步观察,市盈率较低的股票更容易给正回报的事件积极收益惊喜。然而事件的负收益惊喜是高市盈率股票被打压。

代写留学生论文：有效市场理论

It has been observed that after the earnings report is released, the stock prices do not adjust as fast as they are expected to be under the efficient market hypothesis. Thus in the event of earnings surprise the investors can earn excess returns by investing the stock. This is violation of the semi strong form of efficiency. Thus the investor by following earnings season can expect to earn extra return. Normally, it has been observed that the firms which give out positive earnings surprise tend to rise and the investors invest in such stocks. However even if the firm posts strong results but it does not meet the expectation of the investors in that event the firm stock price is beaten down by the market and it gives negative returns. Further it has been observed that the stocks with low P/E ratio tend to give more positive returns in the event of the positive earnings surprise. However in the event of the negative earnings surprise it is the stock with high P/E which gets beaten down more.