Introduction
It's always been being a debate on the answer for 'Is the stock marketefficient?'. 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 MarketHypothesis; EMH'. Thetheory asserts that prices of the assets always reflect all the avail
market share
Change their structure and strategy to global market
If not, couldn’t succeed
* Get advantage from functional Structure
Advantage of economies of scale
Reduction in cost per unit
Develop in-depth knowledge and skill
Employees do their job efficiently
* Had some weakness in functional
Hard to adapt to changing environment
Slows responding to envi
제 1절 회계의 정의
1. 기업의 이해관계자(회계정보이용자)
가. 일반투자자 : 주식이나 채권의 매입, 보유 또는 매각 등에 관련된 현재 또는 미래의 투자의사 결정에 유용한 투자위험, 투자수익률 등을 평가할 수 있는 정보 나. 채권자 : 신용제공의사결정에 필요한 대여금 및 이자의 상환능력을 평가할
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
the overall satisfaction.
Team activities mean that interaction with a sense of belonging, communication and communication norms within members to achieve a common goal. Communication between members is very important to express positive effect. A group comprised of divers individuals who has different interest and purpose to achieve common gals effectively, efficiency and adequacy of communicat
the company's flexibility and shorten responding time to customers' needs in overseas market. The structure not only can keep the merits of functional structure, but also the advantages of horizontal one such as cooperation between departments, which leads to greater customer satisfaction as well as improvements in productivity, speed, and efficiency. In addition, because there are less barriers
efficiency) are likely to be most useful to managers.
Following Hart (1995), who argued that innovative environmental strategies lead to unique capabilities, we view EM not as a capability but as a resource that enables capabilities.
Market turbulence affects market orientation and the strength of market orientation’s effect on performance. No convincing evidence for these relatio
themarket.
조작 : 시장을 장악하기 위해 가격을 낮춤으로써 카르텔(기업연합)의 협정을 어기는 것
55. Circular flow of income : The idea that the expenditures of one group are income for other groups. The income is then spent to create income for still other groups.
수입의 순환 : 한 그룹의 지출은 다른 그룹의 수입이 된다는 개념. 소득
the future, but is can make statements of an if A then B type.
경제적인 접근은 명확하거나 혹은 표준(규범)적이지 않다. 그것은 미래를 예언 할 수는 없으나 만약 A가 그렇다면 B일것이다라는 타입으로 설명 할 수는 있다.
8. Because of their individualistic approach, economists tend to look to themarket to solve social problems. In analyzing
- Kendall(1953) : 주가에 있어서 예측 가능한 패턴이 있지 않을까?
• random price movement 발견
• animal spirit
- Efficient MarketHypothesis : Fama(1970)
• 시장이 효율적이라면 이는 주가에 즉각적으로 반영
• 시장이 효율적이라면 주가는 당시 모든 이용 가능한 정보를 반영
• 새로운 정보는 예측