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CHAPTER 11
The Efficient Market Hypothesis
Investments, 8th edition Bodie, Kane and Marcus
Slides by Susan Hine
McGrawHill/Irwin Copyright © 2009 by The McGrawHill Companies, Inc. All rights reserved.
Efficient Market Hypothesis (EMH)
• Do security prices reflect information ? • Why look at market efficiency?
–Implications for business and corporate finance
–Implications for investment
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Figure 11.1 Cumulative Abnormal Returns Before Takeover Attempts: Target Companies
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Figure 11.2 Stock Price Reaction to CNBC Reports
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EMH and Competition
• Stock prices fully and accurately reflect publicly available information
• Once information becomes available, market participants analyze it
• Competition assures prices reflect information
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