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Table Of Contents

ABSTRACT
Chapter 1
INTRODUCTION
RESEARCH QUESTION
MOTIVATIONS OF THE RESEARCH
JUSTIFICATION OF THE RESEARCH
LIMITATIONS OF THE STUDY
THE OUTLINE OF THE PROJECT
METHODOLOGY
BACKGROUND OF THE STUDY
PREVIOUS STUDIES
UNDERLINING ASSUMPTIONS
PERFORMANCE OF THE GHANA STOCK EXCHANGE
IMPORTANCE OF THE STOCK EXCHANGE IN THE DEVELOPING
COUNTRIES
POLITICAL SITUATIONS IN GHANA
CHAPTER 2
A-HISTORY AND DEVELOPMENT OF THE FINANCIAL MARKET IN
GHANA
B-THE STRUCTURE OF THE GHANA STOCK EXCHANGE
ROLES OF GHANA STOCK EXCHANGE IN THE GHANAIAN ECONOMY
THE CHALLENGES FACE BY THE GHANA STOCK EXCHANGE
1-Investors confidence
2-Unpredictability of the market
3-Price forecast
Some positive changes
Re-denomination
Foreign investors
A-TRADING SYSTEM
1-Principles of trading
OFFICIAL TRADING HOURS
TYPES OF SECURITIES TRADED
B-CLEARING AND SETTLEMENT
Legislation
D-REGULATIONS AFFECTING FOREIGN AND NON-RESIDENT
INVESTORS
Profitability
Conditions relating to Directors and Management of Applicant
Literature review
HISTORY OF EMH
1-The issue
2-Meaning of efficient market hypothesis
B-MARKET CONDITIONS CONSISTENT WITH EFFICIENCY
C-TYPES OF EFFICIENCY
D-FORMS OF EFFICIENCY
1-WEAK FORM EFFICIENT MARKET HYPOTHESIS
Statistical Tests of Independence
Trading Rules
Filter Rules
Relative Strength Rules
EARLY MODELS
The fair game model
2-SEMI-STRONG FORM EFFICIENCY OF THE MARKET
Quarterly Earnings
Predicting Cross-Sectional Returns
Event studies
3-STRONG FORM EFFICIENCY OF THE MARKET
Corporate Insiders
Stock Exchange Specialists
Security Analysts
Chapter 5
TECHNICAL ANALYSIS AND EFFICIENT MARKET HYPOTHESIS
A-PRINCIPLE OF TECHNICAL ANALYSIS
A-TECHNICAL ANALYSIS TECHNIQUES: CHARTING
B-TECHNICAL ANALYSIS TECHNIQUES: MECHANICAL RULES
FILTER RULES
MOVING AVERAGE RULES
OSCILLATORS
FUNDAMENTAL ANALYSIS STRATEGY FOR PRDICTING THE STOCK
RETURNS
FUNDAMENTAL SIGNALS
1-inventory (INV)
2-Account Receivable (AR)
3-INVESTMENTS (INVES)
4-GROSS MARGINS (GM)
5-LABOUR FORCE (LF)
6-7- RETURN ON ASSETS (ROA) AND VARIATIO IN RETURN ON ASSETS
8-CASH FLOW
9-ACCRUALS (ACC)
10-LEVERAGE:
11-LIQUIDITY (ΔLIQUID)
MARKET ANOMALIES
2.3 Calendar anomalies
2.3.1 January effect
The size effect
4-DAYS-OF –THE-WEEK EFFECT
Settlement period
Release of information
The days-of-the-week effect internationally
4-TURN-OF-THE-MONTH EFFECT
5-halloween effect
BEHAVIORAL FINANCE AND EFFICIENT MARKET HYPOTHESIS
Behavioral Biases
Emotional Factors
Herding Behavior
Chapter 6
DATA AND RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
REGRESSION
1-THE REGRESSION ANALYSIS
1-State the hypothesis
2-Formulate an analysis plan
3-Analyze sample data
REGRESSION TABLES
Regression
Statistics
Testing the significance or efficiency
Hypothesis
RESULTS
REASONS BEHIND INEFFICIENCY
SOLUTIONS FOR THE MARKET EFFICIENCY
Chapter 7
CONCLUSION AND RECOMMENDATIONS
CONCLUSION
RECOMMENDATION FOR FURTHER RESEARCH
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Efficiency Hypothesis of the Stock Exchange Project Presented by MR CAMARA MOHAMED BINTOU

Efficiency Hypothesis of the Stock Exchange Project Presented by MR CAMARA MOHAMED BINTOU

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Published by: Camara Mohamed Bintou on Apr 22, 2011
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05/24/2012

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