英国留学常识归档 - 第3页共5页 - 高阶英国论文代写网

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。

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.

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.

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.

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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。

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。

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).

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.

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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。

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。

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.

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.

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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。

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。

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.