compatible with many different models of asset price
determination i.e. the results are robust to the choice of model.
Predictability of prices and market efficiency 77
Stock splits are prominent in event studies because most models
predict that splits, o
data, this is interpreted as evidence in support of efficiency
(conditional on the criteria, of course). Conversely, if the
76 The economics of financial markets
data and predictions are incompatible, this is evidence of
inefficiency (again, given the spe
Risk and uncertainty Frank Knight (18851962), in his classic
Risk, Uncertainty and Profit (1921), distinguishes between the
concepts of risk and uncertainty. He applies the notion
I can only do 1. Is that okay?
Salesman: Good morning.
Customer: Good morning.
Salesman: How can I help you today?
Customer: I would like to buy a LG Smart TV, but Im not too sure of what size.
Salesman: Thats what we are here for, we can help you decide
A policy that I would use in my organisation would be respect and diversity.
There are 6 steps/ procedures for effective processing of customer complaints, they
1. Listen carefully to what the customer must say, and let them finish.
Don't get defensi
TO: All Employees
CC: Stephen Wilkins
FROM: Shannon Kiely
DATE: November 1, 2016
SUBJECT: Three products I would like to purchase
The three products that I would like to purchase would be a Samsung Galaxy S5,
Samsung Galaxy S6 and Samsung Galax
BSBPRO301 - Recommend products and services
Choose an electronic product which is sold by different organisations;
examples of suitable products are printers, digital cameras, entertainment
systems, televisions or compute
Activity 11, Question 2
Conduct research into the cost of placing a small advertisement into a local
newspaper or on a local radio station. Submit details of the cost and what it covers.
How much does it cost?
Assume that you work in a business selling health and nutrition products and
services. Some new employees have been recruited to work in your organisation.
You have been asked to design and present a training session for these new
employees. This will be
BYRON BAY, NEW SOUTH WALES
Ill be leaving the Launceston airport on Thursday, 8 th December, 2016. And Ill be
returning at the Launceston airport on Thursday 22 nd December. These flights are
going to cost me a total of $495. Here is a copy of th
problem has already been described in the context of stock
splits. In summary, although the elegant methodology of event
studies yields valuable evidence about asset market efficiency, it
does not differ in principle from other tests. If event studies do
the debates up to date from contrary viewpoints. The
voluminous body of work on asset market anomalies continues
to expand, with the addition of newly discovered oddities in
price patterns. Useful starting points are the entries on stock
offerings and seasoned equity offerings (SEOs). Distinctive
patterns of share price fluctuations have been documented
following IPOs, when companies issue publicly traded equity
for the first time. Initial returns on the shares, in the weeks
Calendar effects. (a) The January (or turn-of-the-year) effect.
The shares of many small companies (thosewithasmaller-thanaveragemarketcapitalization)tendtoexperienceaboveaverage
returns in January, especially in the first half of the month.15 (b)
American Economic Review, 70(3), pp. 393408. Hirshleifer,
D., and T. Shumway (2003), Good day sunshine: stock returns
and the weather, Journal of Finance, 58(3), pp. 100932.
Khanna, A. (1998), The Titanic: the untold economic story,
Financial Analysts Jou
=0, as asserted.
Black, F. (1993), Estimating expected return, Financial
Analysts Journal, 49(5), pp. 368. Campbell, J. Y., A. W. Lo and
A. C. MacKinlay (1997), The Econometrics of Financial
Markets, Princeton, NJ: Princeton University Press. C
prices cannot perfectly reflect the information which is
available, since if it did, those who spent resources to obtain it
would receive no compensation (Grossman and Stiglitz, 1980,
p. 405). The implication of the GrossmanStiglitz paradox is
profitable investment opportunities, which disappear when they
become widely known, or because they were never genuine, in
the sense that only a few studies could detect their presence.
19 V. S. Ramachandran put forward the criteria in his BBC Reith
(three volumes). Ramachandran, V. S. (2003), The Emerging
Mind: The BBC Reith Lectures 2003, London: Profile Books.
Mathematical Finance: Options and Other Topics, Cambridge:
Cambridge University Press, 2n
While not modelfree, event studies can often be designed to be
compatible with many different models of asset prices.
fsection3.1 has a long and illustrious history. An excel
sindoubt.11 Other models (a) rely on more assumptions, (b) can
be applied to a broader range of phenomena and, consequently,
(c) are more liable to reject
Health and nutrition products and
BSBPRO301 - Recommend products and services
Summative assessment 2- Project 1
The steps taken to research the product
range and recommend products/ services.