MARKET EFFICIENCY AND INVESTORS, ADJUSTMENTS TO ASSET VALUATION ERRORS |
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Authors: | J. Louis Heck |
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Affiliation: | Villanova University |
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Abstract: | Using four selection criteria, over two test periods, the test results found the market reacts efficiently to EPS announcements of firms, Given the test results, the conclusion is drawn that no participant can achieve abnormal returns by using the information contained in quarterly EPS announcements. |
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