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Market efficiency is an important concept in explaining the functioning of financial markets. Empirical researchers have conducted tests on market efficiency using a variety of methods, including serial correlation and portfolio studies.
a) Fama and French (1992, 1993) observed that two classes of stocks tended to outperform the overall market. Identify the classes of stocks Fama and French tested and briefly explain how these factors may be used to explain portfolio returns.
b) Outline how you would apply the portfolio study methodology used by Fama and French to test whether firms with faster sales growth are more likely to be over-valued.
c)Tests of serial correlation are often used to examine whether the market is weak-form efficient. Discuss what type of serial correlation you would expect to find in very short-term price changes.
Last year, a bond yielded a nominal return of 7.37 percent while inflation averaged 3.26 percent. What was the real rate of return?
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One year ago Carson Industries issued a 10-year, 14% semiannual coupon bond at its par value of $1,000. Currently, the bond can be called in 6 years at a price.
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The number of employees is used as the allocation base for all service department costs. Calculate the total service department cost allocated to each production department P1.
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What is the initial weighted average cost of capital? (Include debt, preferred stock, and common equity in the form of retained earnings, Ke.)
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