Efficient Market Hypothesis

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Security Analysis and Portfolio Management

Submitted To: Mr. Viney Kumar

Submitted by: Rahul Sharma 61-MBA-07 MBA 4th Sem The Business School 1

Bhaderwah

Topic for Presentation

Efficient

Market Hypothesis

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Efficient Market Theory  It

states that the share price fluctuations are random and do not follow any regular pattern.

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Basic concept needed to be studied:  Market

Efficiency 1.Operational Efficiency 2.Informational Efficiency

 Liquidity

Trader

 Information

Trader 4

Approaches to Valuation

Fundamental Analysis

Technical Analysis

Efficient Market Hypothesis

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 In

1970 FAMA stated that efficient market fully reflect the available information. FAMA suggested the efficient market hypothesis can be divided into three categories: 1. Weak form of efficiency:- which absorb only past price. It says that current prices of stocks fully reflects all the information that is contained in historical sequence of prices 6

 Semi

strong form: it says that current prices of stocks not only reflect all informational content of historical prices but also reflect all publicly available knowledge about the corporation

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 Strong

form: it says that all the information is fully reflected on security prices. It represents an extreme hypothesis which most observers do not expect to be true.

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Bibliography  Security

Analysis and Portfolio Management Pandia Punithavathy Page no: 283-290  Security Analysis and Portfolio Management V.A.Avadhani Page no:339-356  Security Analysis and Portfolio Management Donald.J.Fisher Page no:538-547

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