Indian Stock Market Anomalies
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Author | : Leonard Zacks |
Publisher | : John Wiley & Sons |
Total Pages | : 352 |
Release | : 2011-08-24 |
Genre | : Business & Economics |
ISBN | : 1118127765 |
Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Author | : J. Sudarvel |
Publisher | : LAP Lambert Academic Publishing |
Total Pages | : 420 |
Release | : 2019-05-15 |
Genre | : |
ISBN | : 9783330345119 |
Stock market plays a vital role for the economic development of a country, by properly channeling the funds for productive purpose. The proposition that a wellregulated stock market extends significant economic services is now widely accepted and recognized by various academicians. Stock market assists economy as well as individual investors by mobilizing the scarce resources and allocation in those sectors, which employ them optimally. Stock market assists individual investors by providing continuous market for securities. From economic point of view, a well-developed stock market has been considered requisite for economic growth as well as improvements in country's productivity. The progress of a country can be judged by ascertaining the stock market indicators like liquidity, asset pricing and turnover. In addition, by ensuring a free and fair trading of stocks and performance of pricing mechanism, by ensuring a suitable return on investment will ensure viable investment opportunities, in the stock markets acts as a driving force for channeling savings into profitable investment and hence, ensures an optimal allocation of capital.
Author | : J. Sudarvel |
Publisher | : |
Total Pages | : 0 |
Release | : 2017 |
Genre | : Business & Economics |
ISBN | : 9789386638410 |
Author | : Neeraj Amarnani |
Publisher | : |
Total Pages | : 16 |
Release | : 2014 |
Genre | : |
ISBN | : |
Stock market anomalies can be broadly categorized as calendar, fundamental and technical anomalies. Calendar anomalies however are among the most discussed issues in the financial literature. This is because these anomalies are the primary contributors towards the abnormalities in the stock returns. Calendar anomalies are basically defined as an irregular pattern of stock returns which are based on a calendar year. This paper attempts to determine the existence of calendar anomalies, namely, Day of the week effect, Turn of the month effect and Month of the year effect in Indian stock market. Daily data of Sensex and Nifty for the period of 1993-2013 is analyzed using different statistical techniques. The tests indicate absence of significant day of the week effect and month of the year effect, while significant turn of the month effect is observed. There are multiple hypotheses associated with anomalies, but only turn of the month stands valid for Indian context.
Author | : Wing-Keung Wong |
Publisher | : Mdpi AG |
Total Pages | : 232 |
Release | : 2022-02-17 |
Genre | : Business & Economics |
ISBN | : 9783036530802 |
The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Author | : Maheshwari Supriya |
Publisher | : Independent Author |
Total Pages | : 0 |
Release | : 2022-12-03 |
Genre | : Business & Economics |
ISBN | : 9781805451044 |
The search and investigation of stock market anomalies have always been a popular area of research among the academicians. The Efficient Market Hypothesis (EMH) that was once very well accepted and adored the most dominant place in the traditional finance theories, somehow, in recent times, the validity of the same has been questioned. The evidence of various stock market anomalies that document excess profit making opportunities resulted in critical re-examination of EMH. Probably the two most famous anomalies that have attracted the interest of both academicians and practitioners are the ones that are based on stocks return continuation (known as momentum effect) and long-term stock returns reversal (known as overreaction effect). Ever since DeBondt and Thaler (1985) and Jegadeesh and Titman (1993) drew attention towards the overreaction and momentum effect, these have remained as some of the most hotly debated anomalies in the academic literature. The investment strategies based on such continuation and long-term return reversal effects are commonly known as momentum and contrarian strategies, respectively. Both momentum and long-term reversal effect were found to persist in a majority of the out-of-sample tests using data from the U.S. as well as other developed stock markets across different time periods. Initially, most of the early investigations were based on the U.S. stock market, but gradually the investigation for the same spread out internationally to other developed stock markets. As a result, there exists a vast majority of literature supporting momentum and contrarian profitability in majority of the developed markets.
Author | : Dr. Sitaram Pandey |
Publisher | : Book Rivers |
Total Pages | : 227 |
Release | : 2022-03-09 |
Genre | : Antiques & Collectibles |
ISBN | : 9355152485 |
Author | : Gagan Deep Sharma |
Publisher | : |
Total Pages | : 0 |
Release | : 2015 |
Genre | : |
ISBN | : |
Judging the importance of existence of calendar anomalies in the stock market to the investors, the paper attempts to find out monthly anomalies in the market. The presence of seasonal effects in monthly returns in the Indian market has been reported by many researchers in the past. This study attempts to examine whether the month-of-the-year anomaly still exists in the Indian Stock Market. For this purpose, two indices, S&P CNX Nifty and S&P CNX Nifty Junior and top nine companies (according to market capitalisation) from both the indices have been selected. The daily closing prices of the respective indices and stocks have been taken and the logarithm return of these prices has been calculated. Line charts and unit-root test are applied to check the stationary nature of the series. The Dummy Variable Regression Model has been applied on the returns to find out any statistically significant deterrent month in the year. The paper observes that both the indices and some of the selected companies reflect the month-of-the-year anomalies in the Indian Stock Market. Mainly, the monthly anomaly is found at the end of a quarter for the given period.
Author | : Aggarwal Priti |
Publisher | : Independent Author |
Total Pages | : 0 |
Release | : 2022-12-13 |
Genre | : |
ISBN | : 9781805451242 |
Stock market anomalies have always been a hot topic of debate between scholars and investment practitioners. And the fascination is not new. It all started with the Great Depression of the 1930s when the stock markets crashed steeply. Since then, the academician of the world has gotten into a rat race of developing theories to determine the true value of common stocks. These pricing theories became the cheese slice for investors who wanted to chase abnormal returns by utilizing the knowledge of stock mispricing.
Author | : Dr.Priya Rawal |
Publisher | : Dr.Priya Rawal |
Total Pages | : 34 |
Release | : 2015-10-06 |
Genre | : Business & Economics |
ISBN | : 1517698790 |
Stock Market is the mitigation of risk through the spreading of investments across multiple entities, which is achieved by the pooling of a number of small investments into a large bucket. Stock Market is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed portfolio at a relatively low cost.