投资学investment课件 Chap011.pptVIP

CHAPTER 11 The Efficient Market Hypothesis Efficient Markets Hypothesis Three forms of market efficiency 11.3 Event StudiesExample In a recent closely contested lawsuit, Apex suited Bpex for patent infringement. The jury came back with its decision. The rate of return on Apex was 3.1%. The rate of return on Bpex was 2.5%. The market today increase by 3%. The historical relationship has been estimated from regression analysis as below: Apex: rA = 0.2% + 1.4rM Bpex: rB = -0.1% + 0.6rM Question: Which company do you think won the lawsuit? Summary about the empirical studies Two g