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澳洲管理学代写ASSIGNMENT:月度回报

月度回报的行为进行了分析与随机游走假说不一致,这意味着市场在证券定价效率低下。这些发现符合前面的实证研究对新兴股票市场。除此之外,有很多研究关注的考验Fama-French三因子模型在中国股票市场。陈et al。(2003)报道,类似于美国股市,明显有小型公司在中国股票市场的影响。它表明有一个逆关系的回报率和增加中国企业的相对大小。总之,很少有研究在国际文章使用中国数据分析因素影响中国股票价格或检查变量驱动资产价值在中国的环境。因此,本文的目的是做一个实证研究股票估价的基本经济行为是否在新环境中有关。总体而言,预计是找某个协会的收益和账面价值与股权价值的公司在中国。因为在发达市场,正如前面提到的,收益和账面价值可以用于预测公司的价值。因此,应该两个因素,在某种程度上,影响股票价值在发展中市场。因此,这将是有用的递归检查角色值(收益)和自适应值(账面价值)在中国市场上不同于他们的角色在发达世界。

澳洲管理学代写ASSIGNMENT:月度回报

The behavior of monthly returns was analyzed to be inconsistent with the random walk hypothesis, which implies market inefficiency in pricing securities. These findings are consistent with the previous empirical studies on emerging stock markets. In addition to that, there are a number of studies focuses on the test of Fama-French Three-Factor model in Chinese stock market. Chen et al. (2003) reported that, similar to U.S. stock market, there was an obvious effect of small size company in Chinese stock market. It indicates that there is a inverse relationship between of the rate of return and an increase in the relative size of a Chinese company.In conclusion, there are few researches in the international articles using Chinese data to analyze the factor influence Chinese stock price or examine the variables that drive equity values in Chinese environment. Therefore, a purpose of this dissertation is to make an empirical research whether the underlying economic behavior of stock valuation pertains in the new environment. Overall, what is expected is to find a certain association of earnings and book values with equity values of firms in China. Because in the developed markets, as already mentioned, earnings and book value can be used to predict firm value. Accordingly, both of the two factors should, to some extent, influence equity value in developing markets. Therefore, it would be useful to examine how the roles of recursive values (earnings) and adaptive values (book values) in the Chinese market differ from their roles in the developed world.