International Research journal of Management Science and Technology

  ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST

Impact Factor* - 6.2311


**Need Help in Content editing, Data Analysis.

Research Gateway

Adv For Editing Content

   No of Download : 27    Submit Your Rating     Cite This   Download        Certificate

CORPORATE DISCLOSURE AND MARKET EFFICIENCY

    3 Author(s):  SONALI AGARWAL , ARUN KUMAR , NARENDRA SINGH NEGI

Vol -  5, Issue- 11 ,         Page(s) : 103 - 111  (2014 ) DOI : https://doi.org/10.32804/IRJMST

Abstract

Abstract The present study introduces the concept of efficient market hypothesis (EMH) and its realization in highly competitive markets of today. The literature has been surveyed to understand the effect of corporate disclosure on markets and their efficiency with respect to that piece of information. Various statistical tests have been used by the earlier researchers to study this effect. From the literature survey it has been concluded that EMH exemplifies itself in different ways in various markets owing to different situations and market conditions. The people get panicky and thus lead to all the chaos. Even if the market is efficient, still the investment managers are required because the market as such is always unpredictable.

  1. Cochrane, John H.(1991). Volatility tests and efficient markets. Journal of monetary economics, 27, 463-485.
  2. Bollerslev, Tim., & Hodrick, Robert J. (1992). Financial markets efficiency tests. Northwestern university, Cambridge.
  3. Holland, John.(1998). Private disclosure and financial reporting. University of Glasgow, Glasgow.
  4. Hall, Stephen., Urga ,Giovanni., & Zalewska-Mitura, Anna.(1998). Testing for evolving stock market efficiency with an application to Russian stock prices. London business school, London.

  6. Healy, Paul M., & Palepu, Krishna G.(2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literatures. Journal of Accounting and Economics, 31 , 405–440.

  8. Ali, Salman Syed., & Mustafa, Khalid. (2001). Testing semi-strong form efficiency of stock market. The Pakistan Development Review,40,651-674.
  9. Roy , Ritendra.(2002). Market efficiency effects of regulation fair disclosure.
  10. Tong, Hui. (2004). Disclosure standards and market efficiency: evidence from analysts' forecasts.
  11. Macey, Jonathan R.(2004).Efficient capital markets, corporate disclosure and Enron. Yale Law School.

  13.  Mabhunu, Mind. (2004). The market efficiency hypothesis and the behavior of stock returns on the JSE securities exchange. Rhodes university.

  15. Islam, Sardar M.N., Watanapalachaikul, Sethapong., & Clark, Colin.(2005). Are emerging financial markets efficient? Some evidence from the models of the Thai stock market. Victoria university, Melbourne.
  16.  Leuz, Christian., & Wysocki, Peter.(2006). Capital-market effects of corporate disclosures and disclosure regulation.
  17. Guo, Siqi., & Wang, Zhiqiang.(2007). Market efficiency anomalies: A study of seasonality effect on the Chinese stock exchange. Umea university.
  18.  Buffa, Andrea M.(2009). Insider trade disclosure, market efficiency, and liquidity.
  19.  Kothari, S.P., Li, Xu., & Short, James E.(2009). The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. The Accounting Review, 84, 1639-1670.
  20. Stefan, Iulia.,(2009). Testing the efficient market hypothesis: a behavioral approach to the current economic crisis. University of California.
  21. Khan, A.Q., & Ikram, Sana.(2010). Testing semi-strong form of efficient market hypothesis in relation to the impact of foreign institutional investors’ (FII’s) investments on Indian capital Market. International Journal of Trade, Economics and Finance , 1.
  22.  Henry, T.C.(2012). Efficient markets and the law: A predictable past and an uncertain future. University of Texas.
  23. Lakshmi, VDMV., & Roy, Bijan.(2012). Price earning ratio effect: A test of the semi strong form of efficient market hypothesis in Indian stock market.
  24. Ranawat, Mahendra., & Raman,T. V.(2013). Testing semi strong form of efficient market hypothesis of selected stocks of BSE . MLS University, Udaipur
  25. Lin, Yu-Chen., Chang, Hsihui., Chen, Jengfang., & Wu, Guan-Syun. Accounting disclosure quality, capital market intensity and national productivity.
  26. Vulic, Tamara Backovic. Testing the efficient market hypothesis and its critics - Application on the Montenegrin stock exchange.
  27. Chen, ECL Qiwei. Event studies and semi-strong form EMH tests.

*Contents are provided by Authors of articles. Please contact us if you having any query.






Bank Details