財(cái)務(wù)會(huì)計(jì)理論sccot第四章有效證券市場(chǎng)-在線瀏覽
2025-02-23 21:29本頁(yè)面
【正文】 os of “high P/E” stocks. ? This may be related to the size effect since there is a high correlation between the stock price and the P/E. ? It may be that buying low P/E stocks is essentially the same as buying small pany stocks. The Day of the Week Effect ? Based on daily stock prices from 1963 to 1985 Keim found that returns are higher on Fridays and lower on Mondays than should be expected. ? This is partly due to the fact that Monday returns actually reflect the entire Friday close to Monday close time period (weekend plus Monday), rather than just one day. ? Moreover, after the stock market crash in 1987, this effect disappeared pletely and Monday became the best performing day of the week between 1989 and 1998. Summary of Tests of the EMH ? Weak form is supported, so technical analysis cannot consistently outperform the market. ? Semistrong form is mostly supported , so fundamental analysis cannot consistently outperform the market. ? Strong form is generally not supported. ?If you have secret (“insider”) information, you CAN use it to earn excess returns on a consistent basis. ? Ultimately, most believe that the market is very efficient, though not perfectly efficient. It is unlikely that any system of analysis could consistently and significantly beat the market (adjusted for costs and risk) over the long run. Summary of Tests of the EMH ? Fundamental analysis ?Evaluation of a pany39。s financial statements. ? Technical analysis ?Attempts to predict the market price of a pany39。ve” investors priceprotected ?Accountants in petition Accounting Implications of Securities Market Efficiency ? 只要會(huì)計(jì)政策沒(méi)有導(dǎo)致現(xiàn)金流量產(chǎn)生差別的后果，或?qū)λ捎玫奶囟〞?huì)計(jì)政策所形成的差別予以披露，以及投資者能獲得足夠的信息以致能夠在不同的會(huì)計(jì)政策之間做出抉擇的話，公司所采取的會(huì)計(jì)政策便不會(huì)影響證券的市價(jià) ? 只要會(huì)計(jì)政策沒(méi)有導(dǎo)致現(xiàn)金流量產(chǎn)生差別的后果，或?qū)λ捎玫奶囟〞?huì)計(jì)政策所形成的差別予以披露，以及投資者能獲得足夠的信息以致能夠在不同的會(huì)計(jì)政策之間做出抉擇的話，公司所采取的會(huì)計(jì)政策便不會(huì)影響證券的市價(jià) Accounting Implications of Securities Market Efficiency ? 市場(chǎng)的有效性意味著公司不必過(guò)分考慮無(wú)知的投資者，即財(cái)務(wù)報(bào)表信息不必用過(guò)于簡(jiǎn)單的方式表達(dá)，以致任何人都能理解。如果會(huì)計(jì)人員不提供有用的成本效益的信息，會(huì)計(jì)的有用性職能會(huì)日益衰退而
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