Academia : the calculation of past earnings growth has nothing to do with predicting future growth
Concentrating on the prediction itself : forecasting future earning is inefficacious.
Wall Streeters
Specialists > Amateur, Individual Investor
Academicians
Specialists’s Portfolio > Random Portfolio (x)
Random Walkers
Stock market adjust quickly to new information
1.0 Introduction
1.1 Authorization and Purpose of report
위 보고서에 대한 권한은 동아대학교 경영학부 윤성욱 교수님께 있습니다. 2011년 서비스 Marketing Team Project의 발표 및 제출을 위해 만들었습니다.
1.2 Limitations
보고서를 작성하는 과정에서 주제의 이론적 정립이나 학자간의 용어사용이 명확하
- 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
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
efficient for the company. Thus, We will have answered the three questions of strategic management.
Ⅰ. COCA-COLA'S CURRENT LOCATION
(1) Presentation Of The Company
Do I need to present this company, probably the most famous in the world? Coca-Cola is probably the best-known company all over the world, with Microsoft.
Coca-Cola is a worldwide known company created in 1886 in Atlanta. The