FINANCIAL MANAGEMENT LECTURE 1课件.pptVIP

Anomalies in share price behaviour Although share prices tend to respond quickly and accurately to new information, research has shown some anomalies in the behaviour of share prices Calendar effects – trading at particular times of the day/year can lead to positive or negative results Size anomalies – returns from investing in smaller companies greater in the long-run than the average return from all companies Value effects – above average returns from investing in value stocks, i.e. shares with high earnings, cash flows or tangible assets relative to current share price * Behavioural fina