Academic literature on the topic 'Efficient market theory'

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Journal articles on the topic "Efficient market theory"

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Jahnke, William W. "Requiem for Efficient Market Theory." Journal of Investing 3, no. 2 (1994): 5–9. http://dx.doi.org/10.3905/joi.3.2.5.

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Zhu, Ziyan. "The Impact of Investor Expectation on the Financial Decision-Making." Highlights in Business, Economics and Management 34 (June 10, 2024): 102–7. http://dx.doi.org/10.54097/nf8m2446.

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This paper delves into a fundamental analysis of two significant standards in budgetary financial matters: efficient market hypothesis and behavioral finance. The efficient market hypothesis posits that financial markets efficiently process all available information, leading market participants to make rational decisions. This theory underscores the accuracy of market predictions and the efficiency of information processing. In contrast, behavioral finance challenges the efficient markets theory by revealing various cognitive biases and irrational behaviors that influence financial decisions,
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Hodnett, Kathleen, and Heng-Hsing Hsieh. "Capital Market Theories: Market Efficiency Versus Investor Prospects." International Business & Economics Research Journal (IBER) 11, no. 8 (2012): 849. http://dx.doi.org/10.19030/iber.v11i8.7163.

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This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behaviors are driven by psychological biases such as greed and fear. Prospect theory and the role of behavio
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Mathivannan, S., and M. Selvakumar. "Test of Random Walk Theory in the National Stock Exchange." Asian Journal of Managerial Science 4, no. 2 (2015): 21–25. http://dx.doi.org/10.51983/ajms-2015.4.2.1193.

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Capital market being a vital institution which facilitates economic development. It is true that so many parties are interested in knowing the efficiency of the capital market. The small and medium investors can be motivated to save and invest in the capital market only if their securities in the market are appropriately priced. The information content of events and its disseminations determine the efficiency of the capital market. That is, how quickly and correctly security prices reflect these information show the efficiency of the capital market.The term market efficiency is used to explain
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GULKO, LES. "THE ENTROPIC MARKET HYPOTHESIS." International Journal of Theoretical and Applied Finance 02, no. 03 (1999): 293–329. http://dx.doi.org/10.1142/s0219024999000170.

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Information theory teaches that entropy is the fundamental limit for data compression, and electrical engineers routinely use entropy as a criterion for efficient storage and transmission of information. Since modern financial theory teaches that competitive market prices store and transmit information with some efficiency, should financial economists be concerned with entropy? This paper presents a market model in which entropy emerges endogenously as a condition for the operational efficiency of price discovery while entropy maximization emerges as a condition for the informational efficienc
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Zhou, Yijia. "Market Efficiency in the UK Emerging Financial Markets." Advances in Economics, Management and Political Sciences 19, no. 1 (2023): 366–71. http://dx.doi.org/10.54254/2754-1169/19/20230161.

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The UK financial market system is huge, more clearly divided and more functional. Under the impact of the world financial innovation trend and the increasing competition in the international financial market, the UK financial market has made quite bold financial innovations. The internationalization trend of the UK's emerging financial market, capital market and London foreign exchange market are all strengthening. The efficiency of financial markets has a significant impact on the effective functioning of financial markets and thus on the efficiency of real economic operations. Market efficie
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Huang, Jingyi. "The Market Efficiency in the Significant Events/Global Events: A Review of Empirical Research." Advances in Economics, Management and Political Sciences 51, no. 1 (2023): 6–11. http://dx.doi.org/10.54254/2754-1169/51/20230600.

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The efficient market hypothesis is a significant theory widely applied in modern economic and financial research about the impact of sudden global emergencies on various markets. Investigating the influence of the Efficient Market Hypothesis on public contingencies can augment the understanding of market behavior and investors decision-making processes. This could enable anticipating market trends and risks, facilitating prudent investment activities. This study examines the empirical research through the methodology chosen, application, and comparison of conclusions to summarize the effects o
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Manao, Alwinda, Ikaputera Waspada, and Maya Sari. "Efficient Capital Market Theory and its Implications for Investment Decision Making in Financial Markets." Dinasti International Journal of Economics, Finance & Accounting 5, no. 6 (2025): 5963–71. https://doi.org/10.38035/dijefa.v5i6.3682.

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The Efficient Capital Market (ECM) theory is an important foundation in the understanding of modern financial markets, which states that asset prices reflect all available information. This article aims to analyze the implications of ECM on investment decision-making, as well as explore the differences between passive and active investment strategies in the context of an efficient market. The method used is a literature review, which includes an analysis of previous research results on market efficiency and investor behavior. The results of the Efficient Capital Market (ECM) Theory study have
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Das, Amaresh. "Martingales, Efficient Market Hypothesis and Kolmogorov’s Complexity Theory." Information Management and Business Review 2, no. 6 (2011): 252–58. http://dx.doi.org/10.22610/imbr.v2i6.905.

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Efficient market theory states that financial markets can process information instantly. Empirical observations have challenged the stricter form of the efficient market hypothesis (EMH). These empirical observations and theoretical considerations show that price changes are difficult to predict if one starts from the time series of price changes. This paper provides an explanation in terms of algorithmic complexity theory of Kolmogorov that makes a clearer connection between the efficient market hypothesis and the unpredictable character of stock returns.
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Emad Azhar Ali, Syed, Fong-Woon Lai, and Muhammad Kashif Shad. "Investors’ risk perception in the context of efficient market hypothesis: A conceptual framework for malaysian and indonesian stock exchange." SHS Web of Conferences 124 (2021): 03002. http://dx.doi.org/10.1051/shsconf/202112403002.

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The advocates of the Efficient Market Hypothesis (EMH) theory postulates that share prices depict all the available information concerning its intrinsic worth. EMH espouses the Random Walk Theory i.e. future stock returns cannot be predicted based on past movement patterns. Contrary to that, there are believers of the Adaptive Market Hypothesis (AMH) who have questioned the adaptability of EMH and argues that market efficiency and investor’s risk perception varies across time, thus, stock returns can be predicted through active portfolio management. Various Studies have argued on market effici
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Dissertations / Theses on the topic "Efficient market theory"

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Zhang, Jian. "Market efficiency test in the VIX futures market." Laramie, Wyo. : University of Wyoming, 2008. http://proquest.umi.com/pqdweb?did=1798967041&sid=1&Fmt=2&clientId=18949&RQT=309&VName=PQD.

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Antoniou, A. "Futures markets : Theory and tests." Thesis, University of York, 1986. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.377303.

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Pal, Satyajit Banking &amp Finance Australian School of Business UNSW. "Profitability of butterfly trades in bond markets." Awarded by:University of New South Wales. Banking & Finance, 2007. http://handle.unsw.edu.au/1959.4/40713.

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The Efficient Market Hypothesis (EMH) has had significant impact on the theory and practice of investments. However technical trading rules have continued to be used by practioners and have been the focus of many academic studies which have focused on equity, foreign exchange and futures markets. The scarcity of research into technical trading models for fixed income markets is astonishing considering the significant size and consequent investor importance of fixed income markets relative to other financial markets and the extensive application of technical trading models by market participant
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Alexakis, Christos. "An empirical investigation of the efficient market hypothesis : the case of the Athens stock market." Thesis, University of York, 1992. http://etheses.whiterose.ac.uk/2488/.

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Fuggetta, Massimo. "Conventions and the stock market game." Thesis, University of Oxford, 1991. http://ora.ox.ac.uk/objects/uuid:80ac28d3-605a-45cf-b632-baca334211bf.

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Forecasting stock price movements is a notoriously difficult job. Were it not so, it would be easy to get richer. In this case, however, nobody would get poorer. But if nobody gets poorer, nobody will get richer. There are two ways to get out of this vicious circle. The first, and the more well-trodden, is the Efficient Market Theory (EMT), or: Everybody Understands Everything. The second is the Casino Market Theory (CMT), or: Nobody Understands Anything. This work is an attempt to bridge the gap between these two theories. In the first chapter the EMT is analysed in its fundamental constituen
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Monte, Brent M. "Chaos and the stock market." CSUSB ScholarWorks, 1994. https://scholarworks.lib.csusb.edu/etd-project/860.

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Koh, Sung Soo. "The Korean stock market structure, behavior, and test of market efficiency /." Online version, 1989. http://ethos.bl.uk/OrderDetails.do?did=1&uin=uk.bl.ethos.352906.

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Lam, Eric Campbell Full Yet. "Two essays on stock market anomalies /." View abstract or full-text, 2009. http://library.ust.hk/cgi/db/thesis.pl?FINA%202009%20LAM.

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Dong, Wei, and 董炜. "Two essays on stock markets." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hub.hku.hk/bib/B50662211.

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 This thesis contains two pieces of empirical study on market efficiency. The first essay tests the semi-strong form of market efficiency in the U.S. We use sell-side analyst target prices as publically available information and test the performance of a mean-variance optimized portfolio which is based on the Treynor and Black model. We focus on constituents of S&P 500 index as our sample universe. During the period of beck-testing from 2004 to 2010, we find that the dynamically rebalanced portfolio beats the market in 6 out of 7 years and that the strategy generates significant risk-adjuste
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Zhang, Hua, and 張華. "Investigating stock market efficiency in China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B29946542.

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Books on the topic "Efficient market theory"

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Keane, Simon M. Emerging markets: The relevance of efficient market theory. Technical & Research Committee of the Chartered Association of Certified Accountants, 1993.

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Keane, Simon M. Efficient markets and financial reporting. 2nd ed. Institute of Chartered Accountants of Scotland, 1987.

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Tanigawa, Yoshiyuki. On the dynamic efficiency of production market economies under the uncertainty with unbounded growth paths. Faculty of Economics, Shiga University, 2008.

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Williams, Leighton Vaughan. Market 'anomalies' as evidence of market 'inefficiency': The state of the debate. Nottingham Trent University, 1994.

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Poggi, Florence. An evaluation of the application of the semi-strong form of the Efficient Market Theory to the French Second Market. University College Dublin, 1992.

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W, Lo Andrew, ed. Market efficiency: Stock market behaviour in theory and practice. Edward Elgar Pub., 1997.

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Amanulla, S. Indian stock market: Price integration and market efficiency. Institute for Social and Economic Change, 2000.

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Kenkyūjo, Hokkaidō Nijūisseiki Sōgō. Hokkaidō ni okeru butsuryū kōritsuka, kōdoka ni muketa arata na tenkai: Heisei 12-nendo chiiki kasseika suishin jigyō. Hokkaidō Nijūisseiki Sōgō Kenkyūjo, 2001.

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Wall, David K. Underpricing of initial public offerings. University College Dublin, 1993.

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Brown, Conor. Bond rating changes: Their informational value and impact on bond market efficiency. University College Dublin, 1994.

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Book chapters on the topic "Efficient market theory"

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Read, Colin. "The Theory." In The Efficient Market Hypothesists. Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137292216_14.

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Read, Colin. "The Theory." In The Efficient Market Hypothesists. Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137292216_19.

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Read, Colin. "The Theory." In The Efficient Market Hypothesists. Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137292216_29.

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Read, Colin. "The Theory." In The Efficient Market Hypothesists. Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137292216_4.

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Read, Colin. "The Theory." In The Efficient Market Hypothesists. Palgrave Macmillan UK, 2013. http://dx.doi.org/10.1057/9781137292216_9.

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Michaud, Richard O. "Capital Market Theory and Efficient Markets." In Finance's Wrong Turns. Springer International Publishing, 2023. http://dx.doi.org/10.1007/978-3-031-21863-7_2.

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Marwala, Tshilidzi, and Evan Hurwitz. "Efficient Market Hypothesis." In Artificial Intelligence and Economic Theory: Skynet in the Market. Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-66104-9_9.

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Laopodis, Nikiforos T. "Efficient diversification and capital market theory." In Understanding Investments. Routledge, 2020. http://dx.doi.org/10.4324/9781003027478-11.

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Luo, Guo Ying. "Evolution and Informationally Efficient Equilibrium in a Commodity Futures Market." In Studies in Economic Theory. Springer New York, 2011. http://dx.doi.org/10.1007/978-1-4614-0712-6_4.

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Hensoldt, Agnieszka. "Pragmatic theory of information and the efficient market hypothesis." In Philosophy in the Time of Economic Crisis. Routledge, 2017. http://dx.doi.org/10.4324/9781315168869-9.

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Conference papers on the topic "Efficient market theory"

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Kulikova, Maria V., David R. Taylor, and Gennady Yu Kulikov. "Estimating a degree of evolving market efficiency: How efficient is the Romanian stock market?" In 2021 25th International Conference on System Theory, Control and Computing (ICSTCC). IEEE, 2021. http://dx.doi.org/10.1109/icstcc52150.2021.9607175.

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Jovanovski, Kiril, and Hristina Tanevska. "Information Efficiency in Small and Underdeveloped Financial Market." In 8th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2022. http://dx.doi.org/10.31410/eraz.2022.95.

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Testing the efficient market hypothesis can always bring interest­ing points regarding the functions of the financial markets. Every investor wants to beat the market, and therefore he is trying to find information that will gain him some privileges. On the other side, the stock exchanges and reg­ulatory agencies are striving to eliminate those information privileges. This is where market efficiency, its theory, and its forms come into question. Until to­day one can find research on testing the efficiency of different developed mar­kets. However, there are still a lot of gaps in research invol
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Tasevska, Ivona. "EMPIRICAL RESEARCH ON THE INFORMATION EFFICIENCY OF THE MACEDONIAN STOCK EXCHANGE." In Economic and Business Trends Shaping the Future. Ss Cyril and Methodius University, Faculty of Economics-Skopje, 2022. http://dx.doi.org/10.47063/ebtsf.2022.0027.

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One of the basic hypotheses in modern finance that defines financial markets is the Efficient Market Hypothesis. The existence of information efficient markets, where all information is incorporated in the price of financial instruments is the basis of rational economic theory. There may be an upward or downward trend in the financial markets, but after the inclusion of new information in the financial instruments, they would stabilize until the next new information. In addition to the definition of efficient markets, the hypothesis of random walk has a significant application, which explains
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Balcan, Maria-Florina, Siddharth Prasad, and Tuomas Sandholm. "Efficient Algorithms for Learning Revenue-Maximizing Two-Part Tariffs." In Twenty-Ninth International Joint Conference on Artificial Intelligence and Seventeenth Pacific Rim International Conference on Artificial Intelligence {IJCAI-PRICAI-20}. International Joint Conferences on Artificial Intelligence Organization, 2020. http://dx.doi.org/10.24963/ijcai.2020/47.

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A two-part tariff is a pricing scheme that consists of an up-front lump sum fee and a per unit fee. Various products in the real world are sold via a menu, or list, of two-part tariffs---for example gym memberships, cell phone data plans, etc. We study learning high-revenue menus of two-part tariffs from buyer valuation data, in the setting where the mechanism designer has access to samples from the distribution over buyers' values rather than an explicit description thereof. Our algorithms have clear direct uses, and provide the missing piece for the recent generalization theory of two-part t
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Peleckis, Kęstutis, Valentina Peleckienė, and Kęstutis Peleckis. "International Business Negotiations: Search of the Balance and the Equilibrium of Negotiating Powers, under Distorting Market Conditions of Competition (Monopsony, Oligopsony and Monopoly Cases)." In Contemporary Issues in Business, Management and Education. Vilnius Gediminas Technical University, 2017. http://dx.doi.org/10.3846/cbme.2017.041.

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Certain challenges arise in business negotiations when competition in the market is more or less distorted. This can take place in various markets conditions. In such situations great possibilities open up to the development of international business relations as overclocking new market participants can provide additional alternatives for companies and organizations or other business units, by reducing the negative impact of competition distortions for the balance of negotiating power of participants in negotiations. In the development and implementation of effective international business neg
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Shan Wei, Jarrett Yeo, and Yeo Chai Kiat. "CalixBoost: A Stock Market Index Predictor using Gradient Boosting Machines Ensemble." In 8th International Conference on Artificial Intelligence (ARIN 2022). Academy and Industry Research Collaboration Center (AIRCC), 2022. http://dx.doi.org/10.5121/csit.2022.121009.

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The potential of machine learning has sustained the interest of both academia and industry in stock market prediction over the past decade. This paper aims to integrate modern techniques such as Gradient Boosting Machines (GBMs) into a novel ensemble called CalixBoost which is a resource-efficient and accurate stock index predictor. Data comprising macro-economic metrics and technical financial indicators, as well as sentiment analysis of social media using a simple and fast but effective rule-based model are used in this paper. Other techniques include model tuning with Bayesian Optimization,
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Smerkolj, Nik, and Marko Jeran. "Testing Market Efficiency in Emerging Markets’ Stock Indices with Runs Tests." In Socratic Lectures 8. University of Lubljana Press, 2023. http://dx.doi.org/10.55295/psl.2023.ii17.

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According to the efficient market hypothesis (EMH), the prices of securities reflect all the available information on the market. Efficient markets have an important consequence – it is not possible for an investor to consistently outperform the market by using infor-mation that is not already reflected in the prices of securities. No matter how much re-sources one deploys into security analysis, no excess return can be made, which means that investors seeking higher returns must bear higher risk given the risk-return trade-off. Inefficient markets, on the other hand, offer investors opportuni
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Michael, Andreas. "The True Market Value of a Good Petroleum Engineer: A Technical Perspective." In SPE Annual Technical Conference and Exhibition. SPE, 2021. http://dx.doi.org/10.2118/206272-ms.

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Abstract Defined by SPE as the application of basic and engineering sciences to the finding, development, and recovery of oil, gas and other resources from wells, petroleum engineering (PE) has been throughout the years falsely thought of as an amalgamation of other disciplines applied to the exploration and recovery of hydrocarbons. Integrating all PE subdisciplines in a manner efficient for teaching and learning is essential for securing the abundance of well-rounded market-attractive professionals. This paper discusses advantages individuals with PE background experience should exhibit in t
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Mahfouz, Ahmed, Ahmad Mohammad Ahmad, Shimaa Basheir Abdelkarim, et al. "Marketing Strategies for Smart Buildings." In The 2nd International Conference on Civil Infrastructure and Construction. Qatar University Press, 2023. http://dx.doi.org/10.29117/cic.2023.0030.

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Globally, there is a growing proportion of the need to optimize monitoring and facility management of new and existing built facilities. Smart buildings provide waste reduction to the environment, flexibility to facility users, and optimization opportunities to the owner. Several research projects explore the monitoring, management, and maintenance of smart buildings towards efficient facility management (FM). However, there is a lack of defined, effective, efficient, and successful marketing schemes for smart buildings. Furthermore, smart buildings utilize the different technological possibil
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Kuzu, Serdar. "The Effects of the Illiquidity Premium on Security Returns and its Importantance for Eurasia." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00269.

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This study investigates the illiquidity premium, which has major impact on Eurasian economies, and its term structure. For this aim, The Germany which is very important for Europa and Asia countries is investigated. In this study, the effects of the term structure of the illiquidity premium on government and corporate bonds and “the return of securities – illiquidity premium – expectation theory relationship” are investigated through various parameters and formulations. Consequently, the study is used to Kempf, Korn and Uhrig-Homburg’ study, which aims to investigate relations between German p
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Reports on the topic "Efficient market theory"

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Finkelstain, Israel, Steven Buccola, and Ziv Bar-Shira. Pooling and Pricing Schemes for Marketing Agricultural Products. United States Department of Agriculture, 1993. http://dx.doi.org/10.32747/1993.7568099.bard.

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In recent years there has been a growing concern over the performance of Israel and U.S. agricultural marketing organizations. In Israel, poor performance of some marketing institutions has led to radical reforms. Examples are the two leading export industries - citrus and flowers. In the U.S., growth of local market power is eliminating competitive row product prices which served as the basis for farmer cooperative payment plans. This research studies, theoretically, several aspects of the above problem and develops empirical methods to assess their relative importance. The theoretical part d
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Albrecht, Brian C., Thomas M. Phelan, and Nick Pretnar. Time Use and the Efficiency of Heterogeneous Markups. Federal Reserve Bank of Cleveland, 2023. http://dx.doi.org/10.26509/frbc-wp-202328.

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What are the welfare implications of markup heterogeneity across firms? In standard monopolistic competition models, such heterogeneity implies inefficiency even in the presence of free entry. We enrich the standard model with heterogeneous firms so that preferences are non-separable in off market time and market consumption and show that this changes the welfare implications of markup heterogeneity. In this context, homogeneity of markups is neither necessary nor sufficient for efficiency. The marginal cost of the marginal firm is weakly inefficiently high when off-market time and market cons
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Dow, James, and Gary Gorton. Stock Market Efficiency and Economic Efficiency: Is There a Connection? National Bureau of Economic Research, 1995. http://dx.doi.org/10.3386/w5233.

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Titman, Sheridan. The Modigliani and Miller Theorem and Market Efficiency. National Bureau of Economic Research, 2001. http://dx.doi.org/10.3386/w8641.

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Leonardo, Fabio Morales, Carlos Ospino, and Amaral Nicole. Online Vacancies and its Role in Labor Market Performance. Banco de la República, 2021. http://dx.doi.org/10.32468/be.1174.

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This paper assesses whether the expansion of online job vacancies leads to a more efficient labor market. We provide compelling evidence that the increase in online job vacancy penetration in Colombia has had an enhancing effect on the labor market's efficiency by making it easier for firms to find workers to fill their job openings. An estimation of the Beveridge Curve (unemployment to vacancies relationship), a well-established theoretical development from search models, concludes that policies that increase online vacancy posting enhance efficiency. We implement a differences in differences
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Adriano, Karlo Fermin, and Lourdes Adriano. Is Agriculture and Fisheries Ascending the Value-Added Ladder? The State of Agricultural Value Chains in the Philippines. Philippine Institute for Development Studies, 2022. https://doi.org/10.62986/dp2022.18.

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The Agriculture and Fisheries Modernization Act (AFMA) was passed and implemented a quarter of a century ago. AFMA comprised a suite of policy, institutional, and investment measures that envisaged the transformation of the agriculture and fisheries sectors, from a resource-based to a technology-based industry. One aspect of the modernization process that the AFMA is aiming at and which is the focus of this study is the development of agro-based value chains that move up the value-added ladder ascendancy. This is done by examining AFMA and the agri-food value chain development and ascendancy i
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Considine, Jennifer, Philip Galkin, and Abdullah Aldayel. Global Crude Oil Storage Index: A New Benchmark for Energy Policy. King Abdullah Petroleum Studies and Research Center, 2022. http://dx.doi.org/10.30573/ks--2022-mp01.

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The global oil market dwarfs other commodity markets. Its size and role in the energy and industrial value chains underscore its significant economic and geopolitical impacts. Thus, the consequences of oil price fluctuations extend far beyond the oil industry and can be viewed as a barometer of trends in the global economy. Several oil price benchmarks currently compete in the global market. The most popular ones, such as Brent or West Texas Intermediate (WTI), are backed by a sufficient supply of the underlying crude. They also meet the criteria for efficient trading, hedging and speculating
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Delera, Micehele, Nanditha Mathew, and Tania Treibich. Good for business, not so much for the environment? Entry into importing and the energy intensity of Indian plants. UNU-MERIT, 2025. https://doi.org/10.53330/wcog1682.

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The global fragmentation of production has important implications for the environment. As emerging economies increase their participation in trade, scale effects increase environmental impacts worldwide. Yet at the same time, access to international markets might help offset these impacts by increasing the efficiency of production. Existing literature suggests that trading firms tend to be more energy efficient than non-traders. However, this literature does not take into account the effect of firms’ product baskets. In this paper, we leverage a rich plantand product-level database from India
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Kalkar, Uma, and Natalia González Alarcón. Facilitating Data Flows through Data Collaboratives: A Practical Guide to Designing Valuable, Accessible, and Responsible Data Collaboratives. Inter-American Development Bank, 2023. http://dx.doi.org/10.18235/0005185.

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Abstract:
Data is an indispensable asset in today's society, but its production and sharing are subject to well-known market failures. Among these: neither economic nor academic markets efficiently reward costly data collection and quality assurance efforts; data providers cannot easily supervise the appropriate use of their data; and, correspondingly, users have weak incentives to pay for, acknowledge, and protect data that they receive from providers. Data collaboratives are a potential non-market solution to this problem, bringing together data providers and users to address these market failures. Th
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Kayser, Olivier, Lucie Klarsfeld, and Simon Brossard. The Broadband Effect: Enhancing Market-based Solutions for the Base of the Pyramid. Inter-American Development Bank, 2014. http://dx.doi.org/10.18235/0005987.

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Abstract:
Broadband has a potential impact on the base of the pyramid (BOP), a segment of the population previously excluded from markets, and which lacks access to quality goods and services. Broadband facilitates the development of new business models that are more effective and efficient in terms of accessing, creating, and distributing goods and services to the BOP. A variety of private-sector-led broadband initiatives involving the BOP around the world have demonstrated profitability, while also providing social and economic returns along the value chain. Without the use of such technology, these s
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