HAL - Briefs.pptx

HAL - Briefs.pptx - Team Winterfell “Pack First” Team...

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5 September2014 1 Team Winterfell “Pack First” BIT 5644 Team Winterfell HAL Financial - Briefs Ramesh Bill Brar Billy LaCross Shanta Washington
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5 September2014 2 Team Winterfell “Pack First” BIT 5644 Agenda SUMMARY OF ARGUMENT I - Argument II - Argument Conclusion
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5 September2014 3 Team Winterfell “Pack First” BIT 5644 HAL- SUMMARY OF ARGUMENT Argument - markets perfectly processed information ? disagreements existed when Basic was decided in 1988 do not generally disagree - market prices respond to new material information
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5 September2014 4 Team Winterfell “Pack First” BIT 5644 I - ARGUMENT The Relationship Between The ECMH And The Modest Proposition That Stock Prices Move In Response To Material Information. Weak-form” efficiency means that historical prices are not predictive of future prices. Excess profits cannot be earned
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5 September2014 5 Team Winterfell “Pack First” BIT 5644 I- ARGUMENT “Semi-strong form” efficiency implies that all public information is reflected in a stock’s current market price - impossible to earn excess returns (SSEMH) “Strong-form” efficiency implies that all information in the market - cannot consistently earn excess profits
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