Evaluation Of Market Efficiency Research Articles

Evaluation of Market Efficiency and Trading Behavior of Investors: Evidence From Borsa Istanbul

After the financial crisis of 2007-08, debates on structures and characteristics of financial markets have become the subject of much concern in both industry and academia. One of the most debated issues related to financial markets is whether they are efficient or not. With an intent to enter into discussions, this paper evaluates the market efficiency by using individual and institutional trade data from a specific stock exchange, namely Borsa Istanbul. To do so, we first form several measures of market efficiency through daily investor data covering five years. By using these measures, we show that there is a negative relationship between market efficiency and turnover. That is, the more efficient the market, the lower the turnover. This result contributes to the debate of irrationality of investor behavior. The data also suggests that the efficiency in Borsa Istanbul has been increasing after the crisis, showing that the effect of the crisis has been vanishing as time passes.

Research on Agricultural Food Marketing Circulation Efficiency in China

This study aims to investigate the agricultural food marketing circulation efficiency in China using the factor analysis. The marketing efficiency of agricultural food products is related to the growth of farmer income and the expansion of domestic demand and directly affects the development of national economy. Based on the domestic and foreign reference, this study has established a new agricultural food product marketing efficiency evaluation index system. The factor analysis method was adopted to measure the Chinese agricultural food product marketing efficiency. The analysis results demonstrate that the residents' income and consumption level have great influence on the agricultural food products circulation. Hence, the strategy for improving the marketing efficiency of agricultural food products has been proposed in this study.

The role of irrigation in development of agriculture in Srem district

Applying irrigation get high production results and economics of investments in irrigation systems points out that this measure in agricultural production should be given a priority. By irrigation can stabilize, i.e. increase food production and encourage the development of livestock breeding, processing and other branches of economy in the region of Vojvodina and Srem area. Accordingly, the basic goals of the research are: 1) evaluation of factors of agricultural development with the analysis of impact to the planned construction and exploitation of the irrigation system, 2) market aspects of establishing the irrigation system with water of Srem region, 3) evaluation of market efficiency of agricultural production and 4) defining approach for determination of a new sowing structure under irrigation. Research has shown that irrigation increases the agricultural production efficiency, there makes impact to sowing structure change, and the market surpluses on the international market can be sold, by using the existing international agreements, signed by the Republic of Serbia. However, besides a great potential in the sector of agricultural production, as the result of favourable climatic conditions, natural land characteristics and available water resources, signed agreements on free trade – the potentials in agro-food sector have not been sufficiently used.

Compare bancassurance sales with an insurer's own team in Taiwan

No research has yet focused on comparing the efficiency among different channels when selling insurance products. To fill this gap in the research, this study concentrates on bancassurance services provided through the creation of subsidiaries and compares the efficiency of this model with the traditional insurance selling channels in Taiwan. The Analytical Hierarchy Process (AHP) and Data Envelopment Analysis (DEA) approaches are employed to identify the weights of inputs and evaluate the efficiencies of the bancassurance and traditional channels separately. The findings are as follows: 1 The efficiency score of a life insurance company’s own sales representatives is significantly higher than that of its bancassurance representatives. 2 The efficiency relationship between the bancassurance channel and the traditional selling channels is independent. 3 A marketing efficiency evaluation of a life insurance company, when divided into different marketing channels for evaluation, is capable of providing meaningful results for marketing decision-makers.

An efficiency comparison of direct and indirect channels in Taiwan insurance marketing

PurposeThe purpose of this paper is to compare the efficiency of bancassurance, an indirect marketing channel formed through the creation of subsidiaries, with an insurer's own team, a direct marketing channel, in the Taiwan insurance sector.Design/methodology/approachThis paper uses the Charnes, Cooper, and Rhodes (CCR) model to measure the decision‐making units' (DMU) operating efficiency.FindingsThe three major findings are: the efficiency score of a direct marketing channel is significantly higher than that of a comparable indirect marketing channel. The efficiency relationship between the indirect marketing channel and the direct marketing channel is independent. A marketing efficiency evaluation, when divided into different marketing channels for evaluation, provides meaningful results for marketing decision‐makers.Originality/valueBy comparing the efficiency between two different insurance marketing channels, managers in life insurance companies can make a more informed choice.

Discussion of “Evaluation of market efficiency for supplementary accounting disclosures: The case of pension assets and liabilities”

Discussion of “Evaluation of market efficiency for supplementary accounting disclosures: The case of pension assets and liabilities”

Evaluation of market efficiency for supplementary accounting disclosures: The case of pension assets and liabilities*

Abstract. This paper examines the extent to which stock prices fully reflected the off‐balance‐sheet item net over‐ (under‐) funded pension liabilities during the four‐year period 1979–82. The evidence suggests that the market was informationally inefficient and that it displayed a general underreaction relative to the net pension liability. Significant excess returns could have been earned by using the net pension liability as an instrument for portfolio selection. The empirical analysis fails to identify the existence of confounding variables such as beta risk, size, or industry effects.Résumé. Les auteurs examinent dans quelle mesure le cours des actions a reflété l'évolution du poste net hors bilan de l'excédent (ou du déficit) de provisionnement de la dette au titre des régimes de retraite, pendant la période de quatre ans écoulée entre 1979 et 1982. Les constatations des auteurs laissent supposer que le marché était inefficient sur le plan informationnel et qu'il a enregistré une réaction générale mitigée à la dette nette au titre des régimes de retraite. L'utilisation de la dette nette au titre des régimes de retraite comme critère de sélection de portefeuilles aurait permis d'obtenir des rendements excédentaires importants. L'analyse empirique ne parvient pas à déterminer l'existence de variables contradictoires telles que le risque Beta, la taille ou les effets du secteur.