Posted: January 10th, 2017
Critically examine the concept of the efficient market hypothesis in [70] the context of Fama’s review of “efficient capital markets” in 1970 and the sequel in 1991 and implications for each level of efficiency
- The terms “irrelevant”, “dividend preference, or bird-in-the-hand”, and “tax effect” have been used to describe three major theories regarding the way dividend payouts affect a firm’s value. Explain
| what these terms mean and briefly describe each theory. | [100] |
| 4(a) | Critically examine the concept of the efficient market hypothesis in | [70] |
| the context of Fama’s review of “efficient capital markets” in 1970 | ||
| and the sequel in 1991 and implications for each level of efficiency. | ||
| (b) | Briefly discuss the main arguments put forward by proponents of | [30] |
| behavioural finance in explaining stock market anomalies. |
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