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个人陈述-市场效率

个人陈述

研究人员主要开发并使用了市场效率假说,以确定基本的价格效率或投资者对它的看法是企业收购策略的一部分。因此,对股票价格的感知使得对收购的现金投标和公开市场报价之间的决策成为可能。公开市场报价是由投资者选择的,其中股票价格不知情,股票的真正内在价值不代表(装甲和Cheffins, 2016)。然而,当对股票价格的信心和对组织内在价值的认同时,现金投标的报价是当前的收购方法。因此,如果取得了可靠的假设,就会提出收购和交换投标建议。

个人陈述

研究人员在Fama有效市场假说的基础上提出了这一主张,即股价并不一定是内在组织价值的晴雨表,而是投资者对准确性的信念(Armour和Cheffins, 2016)。因此,有效市场假说的半强势形式是这一发展的基础.

个人陈述

The researchers have primarily developed and used the market efficiency hypothesis for surfacing the point that the fundamental price efficiency or the investors’ perception about it is integral to the strategy of the corporate takeovers. Hence, the perception of the share prices enables the decision making between the offers of cash tender and open market bids for the acquisitions. The open market bids are selected by the investors wherein the share prices are not informed and the true intrinsic value of the stock is not represented (Armour and Cheffins, 2016). However, when the confidence about the share prices is present and identification of the intrinsic worth of organization is made, the offers of cash tenders are the prevailing method of acquisition. Hence, the bids of take over and exchange tender proposals are made if the reliable assumptions are achieved.

个人陈述

The researchers have developed the claim on the basis of the efficient market hypothesis of Fama that the share price does not essentially have to be the barometer of the intrinsic organizational value, but it is the belief of the investors over the accuracy (Armour and Cheffins, 2016). Therefore, the semi-strong form of the efficient market hypothesis was the basis for this development.

 

personal statement 代写

personal statement 代写

该研究强调,最好的知情投资者只能对真实的组织共享价值进行评估。这意味着,即使公众和非公开信息是由投资者获得的,组织所面临的未来挑战,以及董事会故意持有的信息,都可能导致不准确的股价(甲和Cheffins, 2016)。因此,股票市场的波动受到投资者最佳假设的影响,这表明市场对于组织或某一特定行业未来前景的共识可能是不准确的。因此,股票价格被认为是对商业价值假设的最佳选择,因为它包含了公共信息。研究人员声称,上述发现是由于投资者的行为,包括对公司业绩评估的强烈财务动机,将对股价(甲和Cheffins, 2016)进行控制。

personal statement 代写

价格的准确性和信息效率的均衡性是基于两个不同的因素。这些因素是由研究人员提出的,这些因素是由投资者获得的信息的可用性和方式的程度和性质。此外,研究表明,市场的四种机制是有效的资本市场假说,即它在效率下降的过程中发挥作用。研究人员建议,如果在知情的交易中考虑到对价格敏感的信息(装甲和Cheffins, 2016),股票的价格应该在半高的效率中以一致的方式运作。然而,如果交易是基于不知情的方式,结果将会不同。

personal statement 代写

The study emphasis that the best informed investors can merely make the estimations of the organizational share values that are real. This implication is made with the consideration that even if the public and non-public information is obtained by the investor, the future challenges faced by the organization and purposely held information by the board of directors can result in inaccurate share prices (Armour and Cheffins, 2016). Hence, the stock market fluctuations are influenced by the best assumptions of the investors, this indicates to the fact that the market consensus about the future prospects of the organization or a particular industry can be inaccurate possibly. Hence, the share price is considered as the best option available for the assumptions about the business value due to the public information it incorporates. The above findings are claimed by the researchers to take place due to the actions of the investors comprising of strong financial motivations for the corporation performance evaluation will be performed to the control of the share price (Armour and Cheffins, 2016).

personal statement 代写

The manner in which the price accuracy and information efficiency is equated is based on the two distinct factors. These factors are suggested by the researchers to the extent and nature of the information availability and manner in which it is obtained by the investors. Moreover, the study indicated that the four mechanism of the market implies by the efficient capital market hypothesis is that it functions in the declining efficiency. It is suggested by the researchers that the prices of share should function in a consistent manner within the semi-strong efficiency if the informed trading takes place with consideration to the information sensitive to price (Armour and Cheffins, 2016). However, the outcome will differ if the trading is based on uninformed manner.

英国论文抄袭

英国论文抄袭

研究人员认为,对股价效率和收购报价的考虑,与股价有关的效率方面,在不同的角度考虑和理解是至关重要的。通过有效的资本市场假说(装甲和Cheffins, 2016),可以理解股价及其效率。弱者,半强势和强形式的假设是声称考虑股票市场运作在半强势效率方面如果股票的价格展示的信息公开和市场弱式效率可以承认如果他价格展示所有信息出现在过去的股票价格。研究人员认为,如果市场达到了这些形式的效率标准,那么对之前价格波动的评价将无法预测未来价格走势。因此,假设“强势市场的主张”展示了公共和非公众的所有信息(装甲和Cheffins, 2016)的价格。

英国论文抄袭

本研究的文献表明,即使在股票市场中存在信息效率的情况下,投资者也需要继续进行,以确保对股票价格效率的唯一依赖不应该是这种情况。这是在投资者经常得出的结论,即有效价格将被认为是正确的,并且是对未来的净案例流动的高可靠性的指标,并高估了潜在的证券价值(Armour and Cheffins, 2016)。其中一名研究人员认为,资本市场是无摩擦的,而价格证券是对股票固有价值的最有效估值。这一论断暗示,信息有效的股票价格并没有显示出投资者所建议的进一步调查的根本效率。

英国论文抄袭

It is implied by the researchers that the consideration of the share prices efficiency and the bids of takeover, the aspect of efficiency related to the share price are essential to consider and understand in varied perspectives. The share prices and its efficiency can be understood through the efficient capital market hypothesis (Armour and Cheffins, 2016). The weak, semi-strong and the strong form of hypothesis are taken into account for claiming that the stock market operates with efficiency within the semi-strong aspect if the prices of share showcases the information that is publicly available and the market efficiency in the weak form can be recognized if he prices showcase all information present in the past prices of share. It is argued by the researchers that if market meets the efficiency standard of these forms, the evaluation of the prior fluctuations in the price will not enable the forecast of the future movements of the price. Therefore, the hypothesis’ claim of strong market to showcase the prices of share with all information both public and non-public (Armour and Cheffins, 2016).

英国论文抄袭

The literature of this study implies that the investors are required to proceed with causes even if the informational efficiency is present in the stock market to ensure that sole reliance on the share price efficiency should not be the case. This is stated as the investors often conclude that efficient prices will deem to be correct and are the indicators of high reliability for the future flows of net case and overestimates the underlying securities value (Armour and Cheffins, 2016). One of the researchers argues that the capital markets are frictionless and price securities are at the most effective estimate of the value that is intrinsic to the stock. This assertion implies that the informational efficient stock prices do not suggest fundamental efficiency due to which further investigation is suggested on the part of the investors.

論文代寫價錢

論文代寫價錢

研究结果表明,随机漫步的各种测试结果表明,随机漫步在DSE中是不存在的。这种随机性的偏差可能是由于市场上的流动性不足,市场参与者缺乏经验,交易清淡(Abbas, 2014)。该研究为投资者提供了证据和暗示,说明交易量和历史价格,以及对大马士革证券交易所市场回报的预测。因此,投资者有可能产生不正常的利润。然而,重要的是,投资者认为,由于缺乏流动性和效率低下的市场(Abbas, 2014),存在重大损失的可能性。由于DSE既是新生市场,又是年轻市场,因此,美国证券交易委员会(Securities and Exchange Commission,简称sec)需要对信息效率的提高进行一定程度的评估,并向投资者灌输信心。

論文代寫價錢

另一篇由Fama所做的贡献,并在有效市场假说的基础上进行研究的文章,是由John Armour和Brian Cheffins开发的,其主题是股票市场价格和企业控制市场(Armour and Cheffins, 2016)。在本研究中,Fama的贡献被扩展到对公司收购的评估中,以了解公司的股票市场和股票价格。

論文代寫價錢

The overall findings made from the research indicate that the variety of tests for the random walks lead to the conclusion that the random walks are absent in the DSE. The deviation from the randomness can be due to the illiquidity in the market, experience lacked by the participants of the market and thin trading (Abbas, 2014). The study provides with the evidence and implication for the investors that the volume traded and the historical prices and enable prediction of the market returns in the Damascus securities exchange. Therefore, there is a possibility of making abnormal profits by the investors. However, it is essential that the investors consider that there is a probability of major losses due to the illiquid and inefficient market (Abbas, 2014). Since the DSE is both nascent and young market, the Securities and Exchange Commission is required to apply certain measured for the information efficiency improvement and for instilling the confidence among the investors.

論文代寫價錢

Another article that the contribution made by Fama and developed the study on the basis of the efficient market hypothesis is developed by John Armour and Brian Cheffins with the topic of the stock market prices and the market for corporate control (Armour and Cheffins, 2016). The contributions of Fama are extended in this study for evaluating the corporate takeover with understanding of the stock market and stock prices of the organization.

 

个人陈述代写-证券交易

个人陈述代写

从文献研究中发现,大马士革证券交易所是叙利亚地区唯一的股票市场。金融证券和市场委员会负责监督和监管DSE (Abbas, 2014)。股票市场在2009年出现,当时只有6家公司上市。虽然上市组织的总数有所增长,但仍低于50。其中一个考虑因素是,DSE的开放发生在全球金融危机中,随后发生了地方和地区政治危机。DSE的上市组织分为五个部分:银行、服务、保险、农业和工业。

个人陈述代写

由于上市公司中大多数是银行,银行业占据了主导地位。此外,股票市场的划分是主要的和增长的市场。增长市场进一步细分为A和B (Abbas, 2014)。研究人员进一步建议,主要市场内的上市公司与成长型市场中的上市公司相比,具有临时的指标。在结束时,相关价格的自然对数是确定的,并以连续的方式(Abbas, 2014)计算出复合回报的时间序列的每日间隔。这是由研究人员使用以下公式进行的: 在这个等式中,Pt和Pt -1说明了分别在t和t-1 (Abbas, 2014)中股票指数的价格。

个人陈述代写

It was surfaced from the research of the literature that the Damascus Securities Exchange is the sole stock market in the region of Syria. The Commission on Financial Securities and Markets is responsible for the monitoring and regulation of the DSE (Abbas, 2014). The stock market emerged recently in the year of 2009 with mere six organizations listed. Even though, there had been growth in the total number of listed organizations, but numbers are still below 50. One of the factors taking into account is that the opening of DSE took place within the global financial crisis and the local and regional political crisis took place subsequently. The listed organizations of DSE are categorized in five segments, banking, services, insurance, agriculture and industrial (Abbas, 2014). The banking sector is dominating the stock exchange as majority of the companies listed are banks. Furthermore, the division of stock market takes place as main and growth market. The growth market is further segmented as A and B (Abbas, 2014). The researcher further suggested that the listed companies within the main market holds improvised indicators as compared to the listed organization in the Growth market.

个人陈述代写

The natural log of the associated prices at closing is determined and calculated for the daily intervals for the production of time series of the compounded returns in a continual manner (Abbas, 2014). This was performed by the researcher with the use of following equation: In this equation, the Pt and Pt -1 illustrated the price of the stock index at the respective time t and the t-1.

 

英國代寫-股票市场

英國代寫

在Fama的研究出现之后,全球各地的研究人员开始调查各个股票市场的股票市场的随机性,以找出国家(Abbas, 2014)的效率形式。然而,大多数研究人员关注的是发达国家和新兴国家,因为中东的股票市场没有受到关注,在研究中受到的关注较少。文献已经证实,对大马士革证券交易所(DSE)的随机性的审查比较少。新兴的股票市场价格波动很大,DSE也很年轻,并且对交易的看法(Abbas, 2014)。因此,对叙利亚股票市场中随机游走的特征进行调查,为对市场效率的实证研究和对中东地区的随机漫步行为做出贡献成为必要。

英國代寫

研究人员使用各种技术来检测线性和非线性依赖(Abbas, 2014)。在异方差和同方差的分布假设中,进行了方差和相关比的估计,并进行了非参数性检验,并利用BDs检验进行了序列相关性的评价。

英國代寫

After the emergence of the Fama’s research, various researchers across the globe started to investigate the stock market randomness across various stock markets to find out the form of efficiency present in the nations (Abbas, 2014). However, majority of the researchers focused on the developed and emerging nations due to which the stock markets of Middle East was left out of the focus and gained less attention within the studies. The literature has established that the examination of the randomness of the Damascus securities exchange (DSE) was less. There is high price volatility in the nascent stock markets and the DSE is both young and think on trading (Abbas, 2014). Therefore, it becomes essential for the investigation of the characteristics of random walk within the equity market of Syria for making contribution to the empirical literature on the market efficiency and random walk behaviour with emphasis on the Middle East region.

英國代寫

The researcher used varied techniques for the detection of both linear and non-linear dependency (Abbas, 2014). The parametric evaluation was performed in which the variance and correlation ratio rests were undertaken for the random walks within the distributional assumptions of the heteroscedasticity and homoscedasticity along with the tests of non-parametric nature made used the BDs test for the evaluation of serial correlation.

 

ps代写-行为理论

ps代写

根据阿巴斯(2014)的观点,随机漫步行为理论与有效市场理论相关联。研究人员认为,只有股票市场在本质上是有效的,价格的连续变化将是独立的,随机漫步将遵循价格(Abbas, 2014)。在本文中,他引用了许多基于Fama随机游走理论的文章。在全球股票市场的股票回报中,调查了随机漫步的行为。通过对文献的回顾发现,研究人员对股市回报行为没有达成共识(Abbas, 2014)。人们认为,随机漫步假说所表达的各种贡献已被证明有利于发达的股票市场。一些研究人员和作者发现,德国、英国、西班牙、瑞典、葡萄牙和爱尔兰的欧洲市场与随机漫步假说(Abbas, 2014)一致。然而,法国的市场与随机漫步的需求是一致的。

ps代写

研究人员指出,随机漫步假说并不适用于美国,而且来自发展中国家的经验证据相互冲突和混合。在某些研究中,弱形式的效率与墨西哥、智利、阿根廷和巴西的股票市场(Abbas, 2014)的随机行走假说相关联。然而,其他国家却对随机行走假说的有效性提出了强有力的支持,并拒绝了智利、巴西、中国、墨西哥、韩国、印度、委内瑞拉、哥伦比亚、秘鲁、巴西和阿根廷等新兴和发展中国家的弱形式效率。当中东和北非市场进行调查时,人们发现,经验主义的文献已经拒绝了在确定区域内的国家的股票回报的随机性。

ps代写

According to Abbas (2014), the random walk behaviour theory is associated with the theory of efficient market. It is regarded by the researcher that only if stock market is efficient in nature, the successive change of the price will be independent and the random walk will be followed by the prices (Abbas, 2014). In this paper, he has cited many articles that have developed and based on the random walk theory of Fama. The behaviour of random walk was investigated within the stock returns across the global stock markets. It has been identified through the review of literature that there be no consensus agreed by researcher about the stock market returns behaviour (Abbas, 2014). It is considered that the variety of contributions articulated on the random walk hypothesis has proven to be in favour of the developed stock markets. Several researchers and authors have identified that the European markets of Germany, United Kingdom, Spain, Sweden, Portugal and Ireland showcases consistency with the random walk hypothesis (Abbas, 2014). However, the market of France is aligned with only few of the random walk requirements.

ps代写

The researchers have indicated that the random walk hypothesis is not applicable for the United States and there are conflicting and mixed empirical evidence from the developing nations. Weak form of efficiency is linked by certain researches without rejecting the random walk hypothesis for the stock markets of Mexico, Chile, Argentina and Brazil (Abbas, 2014). However, the others have surfaced strong support against the random walk hypothesis validity and rejected the efficiency in weak form across the emerging and developing nations of Chile, Brazil, China, Mexico, Korea, India, Venezuela, Columbia, Peru, Brazil and Argentina. As the Middle Eastern and North African Markets were investigates, it was found that the empirical literature has rejected the stock returns randomness across nations in identified regions.

 

论文代写-独立测试

论文代写

本文通过对这一假设提供了一些额外的依赖测试。它指出独立测试有两个不同的过程。例如,可以进行纯统计测试。所有这些都被用来详细阐述这个假设是否正确的本质。这是一项重大贡献。

从这篇文章的使用来看,未来关于价格变化分布的研究已经有了两门可能的课程。在本文写作之前,大部分研究都集中在寻找与价格变化经验分布相一致的统计性质的分布(Fama, 1965)。相对而言,花费较少的精力去探索提供经验分布上升的常见过程。在这一视角下,任何一般的价格形成模型都不存在于股票市场中,用来解释价格水平和价格变动在一般经济变量行为上的分布。通过本文提供的建议,可以开发和测试模型,在理论上可以为建立强大的基础做出巨大贡献。本文还建议利用蒙特卡罗技术,建立一个近似的抽样理论。甚至当密度函数相关的显式表达不为人所知时,也会出现这种情况。

论文代写

本文简要地指出,在不同的情况下,在不同的情况下,对于长尾自然的经验分布频率,在这样的结果下,个体的后续态度是相似的。然而,有效市场假说是最重要的贡献。根据这个假设,如果市场是有效的,那么价格的变化将会立即反映出来,否则他们将不会(Fama, 1965)。

论文代写

The paper has added by providing some additional dependence tests for this hypothesis. It states that there are two distinct processes for independent testing. Pure statistics test can be carried out for example. All these have been utilized in order to elaborate completely the nature of whether this hypothesis is right or not. This has been a major contribution.
From the use of this article, two possible courses have been taken by future research over price change distribution. Until the writing of this article, most of the research was focused on only finding the distribution of statistical nature which can coincide with price change empirical distributions (Fama, 1965). Relatively there was lesser effort being spent to explore the much common processes providing empirical distribution rise. Within this perspective, any general price formation model did not exist within the market of stocks for explaining the level of price and price changes distribution with regard to the behaviour of general variables of economics. With the suggestions provided in this article, it has been possible to develop and test models that can greatly contribute towards establishment of a strong foundation theoretically. The article also recommended making use of techniques of Monte Carlo in order to develop an approximate theory of sampling. This was suggested even when density functions related explicit expression are not known.

论文代写

The article in brief stated that provided the empirical distribution frequency of long tailed nature being under observation, in various situations, subsequent attitude of an individual under such results will be similar. Efficient market hypothesis however is the most essential contribution. According to this hypothesis, if market is efficient, then the price changes will immediately reflect or else they will not (Fama, 1965).

英国论文代写-预期收益

英国论文代写

预期收益可以以这种方式增加。另一方面,根据文章,随机行走理论描述了与安全相关的价格水平未来路径在本质上是没有什么可预测性的。这是与累积随机数系列路径相比较。在统计方面,理论认为价格的连续变化具有独立性。这种独立性在具有随机相同分布的变量中出现。这意味着最简单的就是价格序列和变化没有任何内存。这进一步意味着,过去发生的事不能以任何有意义的方式来预测未来。

英国论文代写

这就是为什么在文章中对股票价格的随机漫步理论给予支持的原因。股票价格中的随机游走理论包含两个不同的假设。首先是价格的连续变化具有独立性,其次,价格的变化与一定的概率分布一致。这个假设已经在本文中独立地讨论过了。在阅读这篇论文的时候,有一种清晰的事实,即论文为随机漫步假说提供了巨大而有力的支持。然而,在经济学家的商业和研究中,人们不可能声称毫无疑问地建立了一个假设。总是有更多的测试,可以倾向于假设有效性确认或之前得到的结果反对。在最后的论文段落中,文章对未来的研究提出了一些建议。

英国论文代写

Expected gains can be increased in this manner. On the other hand, as per the article, the random-walks theory depicts that the price level future pathway related to security is nothing much predictable in nature. This has been compared to the cumulated random numbers series path. In terms of statistics, the theory states that successive changes in price have independence (Fama, 1965). This independence comes forward in the variables with random identical distribution. This implies most simply that the price series and the changes do not have any memory.

英国论文代写

This further means that what has occurred in the past cannot be utilized for prediction of the future in any meaningful manner. This is the reason why favour in the article is given to the random walks theory of stock prices. The random walks theory within the prices of stock involves 2 distinct hypotheses. First is successive changes in prices has independence and secondly, the changes in price have conformance to certain distribution of probability. The hypothesis has been discussed in this article independently. When reading the paper, there is clarity on the fact that the paper has offered enormous and strong support for random walk hypothesis. However, within business and research by economists, it is not possible for one to claim that a hypothesis has been established without any doubt (Fama, 1965). Always there are more tests that can be done either tending towards hypothesis validity confirmation or previously obtained results opposition. Within the final paper paragraphs, the paper indulged in suggesting certain directions for future research.

英国论文代写哪家好-论文简介

英国论文代写哪家好

所选的文章是关于股票市场价格在《商业杂志》上发表的. 本节描述了这篇祖父文章的概要,并提供了对知识主体如何在该领域做出贡献的评估。本文在本质上具有高度的描述性,其目的在于探讨理论的随机游走模型。关键是测试模型的实证效度。本文的基本结论解释了信息的一致性以及对使用该模型的更强烈支持(Fama, 1965)。本文认为,作为经验自然的证据,有利于随机漫步模型,但现在模型仍然是巨大的。文章的知识体系通过对这一领域的贡献大大增加了。

英国论文代写哪家好

多年来,这篇文章提出了一种解决办法,一直存在争议。这一争议是在以往的股票一般价格的历史范围内,可以用来预测未来股票价格的有意义的性质。这个问题的答案要么是由图表分析师提供的理论,要么是通过随机漫步理论。这篇文章指出,尽管有各种不同的宪章理论,但仍然有更相似和普遍的假设(Fama, 1965)。所有这些都假设,以前的安全成本行为在预测未来行为方面具有丰富的数据。在以往的成本行为中,一些模式和历史会导致重复本身,历史成本也会在未来出现。因此,通过价格图表的仔细分析,可以开发出这种模式的理解。这可以用来预测未来的价格行为。

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The article selected is Fama, E.F., (1965) on the behaviour of stock-market prices published in the journal of Business, 38(1), pp.34-105. This section describes a synopsis of this grandfather article along with providing assessment of how the body of knowledge has contributed in the field.
The paper is highly descriptive in nature and its purpose lies in discussing the random walk model underlying theory. The key was also testing the empirical validity of the model. The essential conclusion of this paper explains that information has shown consistency as well as stronger support for using this model (Fama, 1965). The paper suggests that as evidence of empirical nature is produced in favour of the random-walk model, but still the model now is hefty.

英国论文代写哪家好

The article’s body of knowledge has added tremendously through its contribution to the field. For various years, a controversy remained for which the article offered a solution. The controversy was on the range previous history of a general price of stock can be used for making predictions of meaningful nature with regard to future stock price. This question had been answered either through theories provided by chartists or through the random walk theories. The article states that even though there are various distinct chartist theories, all the more similar and general assumption is still made in them (Fama, 1965). All of them are the assumption that the previous security cost behaviour has data rich in predicting behaviour in the future. Within the previous cost behaviour are some patterns and history results in repeating itself, the historical cost comes forward in the future as well. Therefore, by price charts careful analysis, an understanding can be developed of such patterns. This can be used for predicting prices behaviour in future.