Evidence first introduced in the 60’s, and has continued
to persist through more recent studies in the late 90’s.
Relative Strength Index (RSI)
a technical indicator used in the technical analysis of financial markets.
Early 1999s…
a lot of anomalies has come out!
‘Anomly’ is "Unusual Phenomenon”
Korean Stock Market is not
an exception of such a trend.
Conclusion.
Korean stock market has been moving
toward the direction of EMH theory.
However, several positive examples and
technical analysis is yet difficult to call "efficient”
↓
Korean stock market needs to improve in a qua
Introduction
It's always been being a debate on the answer for 'Is the stock market efficient?'. Some say yes, and others say no. However, the answer till the beginning of 1990s was more weighed on the 'yes'. And the supporting theory which played a core role for forming the trend was 'Efficient Market Hypothesis; EMH'. The theory asserts that prices of the assets always reflect all the avail
Ⅰ. Introduction
1) Location
Russia is located in the north Eurasia continent (Far East Asia ~ Europe). Russia is the largest country in the world which is about 1/8 of the world’s land area. Because of this huge territory, there is an 11-hour time difference between East and West.
2) Climate
The huge territory of Russia also makes a various climate zone. Basically, Russia has continental
1960’s ~ 1970’s 대기중의 이산화탄소의 농도의 증가가 기상학자들과
같은 과학자들에 의해서 처음으로 관측!
- 1972년 로마클럽 (Club of Rome) 에서 ‘성장의 한계’라는 보고서를 발표!
- 1980년대 후반에 들어서 이상기후로 인한 자연재해가 세계 각지에서 발생!
지구온난화에 대한 환경론자와 경제
- Kendall(1953) : 주가에 있어서 예측 가능한 패턴이 있지 않을까?
• random price movement 발견
• animal spirit
- Efficient Market Hypothesis : Fama(1970)
• 시장이 효율적이라면 이는 주가에 즉각적으로 반영
• 시장이 효율적이라면 주가는 당시 모든 이용 가능한 정보를 반영
• 새로운 정보는 예측
marketanomalies)을 설명하려는 시도가 다각적으로 이루어지고 있는 것 또한 사실이다.
전통적인 효율적 시장가설에 의하면, 만약 자본시장이 효율적이어서 자산의 가격을 결정할 때 모든 정보를 완전히 그리고 정확하게 반영한다면 위험자산 수익률은 시계열적으로 독립적인 확률보행(serially random)을 따
market.
2. Macro Environment
(Information & Analysis)
Demographic
Russia had a population of 142million in 2010. After the collapse of Soviet Union, population has been in a decreasing trend from 1993 to 2007. The population started to increase from 2009 and right now Russia has a population of 143million. Russian population is ranked 10th, and territory 1st in the worl
anomalies
persist,
it snows in Johannesburg.
They are the news of
last week. Filling.
Facts randomly for
enjoliver end of a spectacle.
What one has,
here, downtown?
- A the Town hall?
- Manhattan-South was sold
with a large studio of Hollywood.
Good, of Sure agreement..
that will fill the waves at least
until tomorrow afternoon.
Perhaps the president will make
a radical act, by then.
- On
Evolution Script
Despite all the warnings, she was smoking in bed, fell asleep.
Bad move.
And the fire begins.
Its showtime.
Dont worry, maam! Im here to save you!
Keep those people back! This is an emergency!
Dont you dare die on me!
Breathe, damn it, breathe!
Shes going to make it!
What the...?
Damn!
Though it may be hard to believe a single biology professor...
...making in excess of $ a year