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The study is based on the study of Jegadeesh and Titman (1993, 2001) which found evidence of succesfull trading strategies which yielded significant positive abnormal returns by exploiting a momentum pattern in stock prices. The purpose of this study is to contribute with empirical results to the discussions of efficient markets, momentum effects and behavioral finance by providing evidence from the Swedish stock market between the years 1998 and 2013. The conclusion is that there exists a Momentum Effect on the Swedish stock market. The utilization of momentum strategies yields significant positive abnormal returns. The Efficient Market Hypothesis is a model which might hold in the long-term, but shows limitations in the short-term. The implications of the results of this study are that short-term investor behavior and momentum profits might be partially explained by behavioral finance models but the origin of the momentum profits need to be further evaluated.

The strong form of the efficient market hypothesis (EMH) puts forward that it is impossible to achieve better than market results. Yet there are very famous investors, particularly a famous value based investor named Warren Buffett that have achieved better than market returns. The primary objective of this study is to investigate the role of value based investment in generating better than market or superior investment returns. The study was conducted both as a literature study and an empirical study. The objectives of the literature study were threefold. Firstly, to discover value based investment as part of a discussion on investment strategies. Secondly, to investigate the possibility of achieving better than market returns. Lastly, to investigate the role of value based investing in achieving better than market returns. Through the literature study, value based investment parameters were also identified for empirical testing. It was found in the literature that value based investing has a role to play in achieving superior returns. By way of the application of correlation-based research, as well as regression analysis it was found that there is significant statistical evidence to underscore that value based investment parameters can lead to superior returns. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The strong form of the efficient market hypothesis (EMH) puts forward that it is impossible to achieve better than market results. Yet there are very famous investors, particularly a famous value based investor named Warren Buffett that have achieved better than market returns. The primary objective of this study is to investigate the role of value based investment in generating better than market or superior investment returns. The study was conducted both as a literature study and an empirical study. The objectives of the literature study were threefold. Firstly, to discover value based investment as part of a discussion on investment strategies. Secondly, to investigate the possibility of achieving better than market returns. Lastly, to investigate the role of value based investing in achieving better than market returns. Through the literature study, value based investment parameters were also identified for empirical testing. It was found in the literature that value based investing has a role to play in achieving superior returns. By way of the application of correlation-based research, as well as regression analysis it was found that there is significant statistical evidence to underscore that value based investment parameters can lead to superior returns. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

Univ., Diss. u.d.T.: Sauer, Klaus: Haftung für sekundärmarktbezogene Informationspflichtverletzungen--Frankfurt am Main, 2004.

Thesis (M. Phil.)--University of Hong Kong, 1994. / Includes bibliographical references (leaves i-xx).

Thesis (M.Phil.)--University of Hong Kong, 1994. / Includes bibliographical references (leaves i-xx) Also available in print.

The aim of this study is to investigate if individuals reacts rational to the announcement of negative profit warnings in the Swedish stock market. This is done by using an event study approach, investigating the corresponding abnormal returns and cumulative abnormal returns before, during, and after the announcement. Tests is also made to see whether qualitative and quantitative profit warnings and firm size has any impact on the cumulative abnormal returns. The sample consists of 176 profit warnings from 2008 to 2018. On the announcement day, the average abnormal return at day zero was -6.99 % and the average cumulative abnormal returns at day zero and one was -9.06 %. The results found also that smaller firms generate lower abnormal returns on the announcement date, but that there is no difference between qualitative and quantitative profit warnings. With small and insignificant cumulative abnormal returns before and after the announcement, the reached conclusion is that the market is efficient on aggregate level during the event of negative profit warnings.

This diploma thesis analyses the market efficiency hypothesis of chosen currency pairs EUR/USD, EUR/CZK and USD/CZK. The aim of this study is to describe the price behaviour of chosen financial assets and verify the random walk hypothesis on the foreign exchange market. Model of random walk says there is no relationship between historical and future prices, so price changes are random and cannot be predicted. Random walk hypothesis was tested by chosen statistic tests runs test, test of auto-correlation, variance ratio test and unit root test (Augmented Dickey-Fuller Test). Data were collected through the online trading platform and tested in EViews. Period of testing for daily changes (D1) was chosen from 31.12.2009 to 29.12.2017 and for weekly changes (T1) from 2.1.2005 to 29.12.2017. This thesis proved weak-form efficiency of EUR/USD and USD/CZK for both daily changes and weekly changes in a chosen period. Inefficient behaviour of daily changes of EUR/CZK (D1) was indicated by runs test, test of autocorrelation and variance ratio test. There is a question what the cause of inefficiency is. The most likely explanation is currency intervention of the Czech National Bank which took place from April 2013 to April 2017 in order to achieve the inflation target and prevent deflation. Traders could also achieve profits by speculating on appreciation of Czech Crown below 27,-crowns/euro which is not in harmony with efficient-market hypothesis. Moreover, currency pair EUR/CZK is not liquid as major currency pairs and there are bigger transaction costs because of bid-offer spread. This work can contribute to next research in connection with results of this study. To verify if the cause of inefficient behaviour of daily price changes of EUR/USD are currency interventions of the Czech National Bank, I would suggest testing efficient-market hypothesis exactly at the time of interventions. It would be also suitable to compare results of different methodologies including testing in short-time intervals of price changes.

This diploma thesis aims at assessing stock market efficiency using seventeen shares and stock index S&P 500 which represents whole market. Selected shares were traded using several tools from technical analysis from 2012 to 2016. Trading is based on buy / sell signals. These signals were generated by 38 automatic trading strategies, created from crossing rates and sliding averages, by crossing two different sliding averages and based on technical indicators MACD, RSD and Momentum. Theoretical part of this work is dedicated to capital market, stock market efficiency assessment, shares and different types of analysis, mainly to technical. Results of stock market efficiency assessment of finances when trading all tested strategies can be found in the practical part. Random movements of rates were proven, this implies that market is slightly effective. Best trading strategy cannot be determined, because there are too many factors influencing results. Passive strategy achieved better profit. According to complete average results, MACD a 50+200EMA has highest success rate. Least appropriate strategies were MACD+SL and RSI_30+70_2. The worst shares for active trading were EBS and MRK, best LCI, ABC and VRX.