Market efficiency is the concept that markets have synthesized all available knowledge into the prices. Thus, the prices reflect that knowledge. By extension of this, there is little that an investor can do to "beat" the market -- that is to outperform market returns on a risk-adjusted basis. The theory of market efficiency is best encapsulated in the Efficient Market Hypothesis. This paper will explain market efficiency in detail and outline how understanding market efficiency can help investors to maximize shareholder wealth.
Heakal (2009) explains that Eugene Fama first proposed the efficient market hypothesis (EMH) in 1970. The EMH is based on the idea that "at any given time, prices fully reflect all available information on a particular stock and/or market" (Ibid). A perfectly efficient market will account for all publicly available information that can have an impact on the stock price. This information can be about the stock -- details…...

mla

Works Cited:

Heakal, R. (2009). What is market efficiency? Investopedia. Retrieved August 8, 2011 from  http://www.investopedia.com/articles/02/101502.asp

Naturally, this improves profitability for private enterprises but simultaneously shrinks the American production and labor economies. This is the type of stifling of growth that has contributed significantly to the current state of recession gripping the United States.
Globalization makes as its underlying presumption the assertion that by reducing barriers to economic integration across international borders, the world community is creating a vehicle to a more equal distribution of wealth. hether the distribution is more equal or not, certainly the process of economic colonization which has occurred across the last decade and a half is creating wealth. That the largest concentration of this wealth is enjoyed by only the smallest fraction of trade and industry leaders is revealing of the concept of 'voluntary trade.' This principle is paired with a sociological tendency toward the enforcement of stringent private property rights, with the two mechanisms creating vast opportunities for parties in…...

mla

Works Cited:

Biggs, a.G. & MacGuineas, M. (2002). Cutting corporate welfare could fund a Bush

Social Security plan. The Los Angeles Times.

Kandikar, M. (2005). Outsourcing. The University of British Columbia.

Online at <  http://www.econ.ubc.ca/kotwal/econ255/LW7.pdf >

Excess Stock eturns
The author of this report has been charged with doing a brief literature review and then answering two basic questions. The first question is whether the empirical evidence available leads to a predictability of stock returns using technical analysis. The second question asks the author to critically evaluate whether return predictability is a good indicator and test of market efficiency. While some people can get rich in the nastiest and most volatile economic climates, there is generally a correlation between how well the market tends to be and how well returns tend to be during the same time period, based on the totality of the evidence reviewed in this report.

Asness weighs in on the two questions to be answered in a fairly textbook way. Asness et al. (2013) asserts that there is a "value" effect whereby the long-term view of an investment is compared to its current value.…...

mla

References

Asness, C., Moskowitz, T., Pedersen, L. (2013) "Value and Momentum Everywhere,"

Journal of Finance, Vol. 68, No. 3, pp. 929-985

DeBondt, W., Thaler, R. (1989) "Anomalies: A Mean-Reverting Walk Down Wall Street,"

Journal of Economic Perspectives, Vol. 3, No. 1, pp. 189-202

Market Efficiency and Empirical Approaches to Test for it
A review and discussion of market efficiency

A financial market is efficient with respect to information item, if the new information has fully influenced the market prices. In an efficient market, when a new information is made available its impact is said to be instantaneous or rapid and unbiased to the financial assets' current market prices.

There are three different hypotheses that have been formulated to try and explain market prices, in respect to what kind of information is availed to the market. The weak version of efficient market hypothesis suggests that the changes in market prices are in respect to all the information that the public has had in the past. The semi-strong form of hypothesis suggests that the current prices in the financial market is a reflection of all the information that the public, and that the introduction of new information…...

mla

Bibliography

Beaver, W.H. 1968, "The Information content of Annual earnings announcements," Journal of Accounting Research, pp.67-97

Burton G. Malkiel (1987). "Efficient market hypothesis," The New Palgrave: a Dictionary of Economics, pp. 120 -- 23

Fama, E.F., Fisher, L., Jensen, M.C. And Roll R., 1969, "The adjustments of stock prices to new information" International Economic review, pp 10, 1-21

Fama.E.F. 1970, "Efficient Capital Markets: A Review of Theory and Empirical Work,"

valuing a business, including asset-based approaches, earnings-based approaches and market value approaches (Ward, 2016). Asset-based approaches views the business as its net asset base, but this can be inaccurate because the valuation of the assets on the balance sheet might be stale-dated. Valuation on a liquidation basis only makes sense if the business is to be liquidated; if it is a going concern, then it is probably worth more than liquidation value on those assets.
The market-based approach looks at what other similar businesses have sold for. There are a couple of drawbacks to this approach. First, you have to choose a similar company that has recently sold. There might not be any. Further, the choice of "similar company" might not actually be that similarity. There might be material differences in your corollary that render the comparison inaccurate.

The earnings-based approach is rooted in the idea that a business is worth…...

mla

References

Heakal, R. (2014) What is market efficiency? Investopedia Retrieved December 3, 2016 from  http://www.investopedia.com/articles/02/101502.asp 

No author (2016) Differences between GAAP and IFRS and implications of potential convergence. Boundless.com Retrieved December 3, 2016 from https://www.boundless.com/accounting/textbooks/boundless-accounting-textbook/introduction-to-accounting-1/conventions-and-standards-21/differences-between-gaap-and-ifrs-and-implications-of-potential-convergence-131-7049/

Radcliffe, B. (2015) The basics of tariffs and trade barriers. Investopedia. Retrieved December 3, 2016 from  http://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp 

Ward, S. (2016) 3 business valuation methods. The Balance. Retrieved December 3, 2016 from  https://www.thebalance.com/business-valuation-methods-2948478

Market Efficient espect Set Information Impossible Makes Abnormal Profits
Market Efficient

In his work, Fama argued that given the massive use of resources by the brokerage firm to conduct studies on trends in the industry, the effects of changes in interest rates on corporate balance sheets and expectations of managers and/or political analysts of the companies should be able to systematically beat a generic portfolio with the same risk characteristics.

Since, according to Fama, professional in every situation, the analyst has a fifty percent chance of beating the market; although its specific capabilities did not exist he would beat a lot of the market. The analyst did "help" the market to be efficient if all the investors, in fact, would hold portfolios composed of stock indices, would open up significant opportunities for professional traders to take advantage of the situation. But the movement of traders to that "new market" would mean that the…...

mla

References

Arrow, K.J., 1959. 'Toward a theory of price adjustment', in M. Abramovitz (ed.), The Allocation of Economic Resources, and Stanford: Stanford University Press, pp. 41 -- 51.

Aumann, R.J., 1964. "Markets with a Continuum of Traders," Econometrica, Vol. 32, No. 1/2, Jan. - Apr., pp. 39 -- 50.

Clifton, J.A., 1977. "Competition and the evolution of the capitalist mode of production," Cambridge Journal of Economics, vol. 1, no. 2, pp. 137 -- 151.

Frank, R., 2008. Microeconomics and Behavior 7th ed. (McGraw-Hill) ISBN 978-007-126349-8.

Specification of Thesis's Main Point:

Goldman (2009) surmises that today's economic crisis has changed many aspects of financial reporting, one of which is the calculation of the cost of capital.

Three Supporting Opinions/easons:

Utilizing much of his own personal, professional experience as well as other sources, Goldman's (2009) three supporting opinions all highlight the impact today's economic crisis has had. He quotes Marc Panucci, an SEC associate chief accountant, in his first supporting opinion. Panucci agrees with Goldman's theory that the turbulent economic environment of today requires changes to existing disclosures, in order to meet disclosure requirements. This is especially true when meeting disclosure requirements in liquidity, risks and uncertainties, and credit risks.

The Internal evenue Service is Goldman's (2009) second supporting source. Not known for their empathy, the IS has eased rules so that homeowner's facing tax liens can sell or refinance their homes. In fact, in some instances, "the IS is willing…...

mla

References

Goldhorn, M. (Jan/Feb 2009). Market turmoil require new ways to build capital. The Value Examiner. pp. 23-30.

Market Model Changes
The medtech, or medical technology, industry is a large and intensely competitive industry that produces highly innovative medical devices for hospitals and other healthcare facilities in the effort to save lives and improve health for patients (Research, 2012). It is spread across different segments including, cardiology, oncology, neuro, orthopedic, and aesthetic devices. It relies largely on aging baby boomers, high unmet medical needs, and increased incidence of lifestyle diseases, including cardiovascular disease, diabetes, hypertension, and obesity.

The industry is being challenged by pricing concerns, hospital admissions and procedural volume, uncertainty concerning healthcare reform, Medicare reimbursement issues as agencies are looking for cost reduction measures, and regulatory overhang. There is a rise in patients deferring treatment in elective procedures. "One factor aligning economic and clinical forces: in the U.S., the number of medical practices owned by hospitals grew from 25% in 2005 to 50% in 2008" (practice, 2011). Where hospitals…...

mla

Bibliography

Blog, I. (2012, Mar 12). MedTech Industry Stock Outlook. Retrieved from Financial Content: http://markets.financialcontent.com/stocks/news/read/20832505/MedTech-Industry-Stock-Outlook

practice, B.G. (2011, Feb 9). Creating a new commercial model for the changing medtech market. Retrieved from Bain & Company:  http://www.bain.com/publicatgions/articles/creating-a-commercial-model-for-changing-medtech-market.aspx 

Research, Z.E. (2012, June 15). MedTech Industry Stock Outlook-June 2012-Zacks Analyst Interviews. Retrieved from Nasdaq:  http://community.nasdaq.com/News/2012-06/medtech-industry-stock-outlook-june-2012-zachs-analysts-interviews.aspx ?

The total supply of milk might remain the same, because the remaining high-efficiency producers are likely to be able to earn profits at this level of output. In the long-run, however, lower prices are going to sustain the quantity of milk demanded at higher than equilibrium levels, and the profits available to producers at lower than equilibrium levels. Producers, in their efforts to control costs, are going to reach a point of diminishing returns on those efforts. The result of this is that the market for milk will eventually become so distorted by the price ceiling that the government is forced to raise the price ceiling in order to ensure that there are producers remaining in the market. The government will have created a situation where to simply maintain the milk market requires active management.
2. There are several factors that contribute to the price elasticity of demand. One factor…...

mla

Works Cited:

Rittenberg, L. And Tregarthen, T. (2009). Chapter 3: Demand and Supply. Section 1 and 3. Principles of Microeconomics. FlatworldKnowledge.com. Retrieved December 2, 2011 from: click here

Rittenberg, L. And Tregarthen, T. (2009). Chapter 4: Applications of Demand and Supply. Section 1 and 3. Principles of Microeconomics. FlatworldKnowledge.com. Retrieved December 2, 2011 from: click here

Rittenberg, L. And Tregarthen, T. (2009). Chapter 5: Elasticity and a Measure of Response. Section 1 and 2. Principles of Microeconomics. FlatworldKnowledge.com. Retrieved December 2, 2011 from: click here

Over the last few years, the government has exerted more control on the insurance industry by controlling premium rates meaning the industry has become less competitive on pricing. In addition to this, through Obamacare, the government has set requirements for healthcare insurers which have significantly reduced their medical loss ratio Dinan 396.
The second factor that affects the degree of competitiveness of the industry is the number of companies operating in the industry. This has been the major reason for the hundreds of mergers in the industry since this is the major driving factor for changes in market share. The last factor is government-provided health insurance. The government provides insurance plans which create significant competition for the private companies Vanness and olfe 101()

The productivity measures that can be developed are the number of health insurance consumers, average cost of providing medical cover and price of health insurance premiums. The number…...

mla

Works cited

Austin, D. Andrew, and Thomas L. Hungerford. The Market Structure of the Health Insurance Industry. Washington, DC: Congressional Research Service, 2009. Print.

Baughman, Reagan. "Differential Impacts of Public Health Insurance Expansions at the Local Level." International Journal of Health Care Finance and Economics 7.1 (2007): 1-22. Print.

Dinan, John. "Shaping Health Reform: State Government Influence in the Patient Protection and Affordable Care Act." Publius 41.3 (2011): 395-420. Print.

Dossche, Maarten, Freddy Heylen, and Dirk Van den Poel. "The Kinked Demand Curve and Price Rigidity: Evidence from Scanner Data." The Scandinavian Journal of Economics 112.4 (2010): 723-52. Print.

Then, a second major difference resides in the sources used to retrieve the necessary funds. The nonprofit organizations do indeed get the support of the federal budget in the meaning that they are often exempt from tax payment; but they have to raise the funds by themselves without any additional help or interference. They do this through the organization of various events, such as concerts, dinner parties or theatre plays, during which wealthy members of the community donate money to the causes promoted by the NPOs. In the case of governmental institutions however, the funds come directly from the state officials. The money is initially collected from the general public in the form of taxes, fines or other transfers to the state budget, and then redistributed to the state agencies.

A third difference also deals with the financial nature of the organizational activities, but is somewhat different from the previous one.…...

mla

References

Alvarado, E.I., 1998, Is there a Difference between 'Nonprofit' and 'Not-for-profit'?, Idealist,   accessed on June 19, 2008http://www.idealist.org/if/idealist/en/FAQ/QuestionViewer/default?section=01&item=09last 

Feiock, R.C., Andrew, S.A., Understanding the Relationships Between Nonprofit Organizations and Local Governments, Florida State University, Retrieved at   June 19, 2008http://www.fsu.edu/~spap/feiock/papers/Nonprofits_&_Public_Services.pdfon 

Frumkin, P., Kim, M.T., 2000, Strategic Positioning and the Financing of Nonprofit Organizations: Is Efficiency Rewarded in the Contributions Markeplace?, the Hauser Center for Nonprofit Organizations and the Kennedy School of Government, Harvard University, Retrieved at   June 19, 2008http://www.ksghauser.harvard.edu/PDF_XLS/workingpapers/workingpaper_2.pdfon 

Hopkins, B.R., 2005, Starting and Managing a Nonprofit Organization: A Legal Guide, Wiley

The assumptions of industry structure and pricing are based on the market shares of the leading competitors in the motorcycle market including Harley-Davidson with 65% and Honda with 12.9%. There are over 40 different manufacturers of motorcycles globally who comprise the remaining 22% of the worldwide market (Murphy, 2008). Gaining distribution for a new motorcycle model will be challenging given the concentration level of competitors in the market. As motorcycles are considered discretionary purchases, they are influenced by the consumer sentiment index, the level of per capita disposable income, the downstream demand for motorcycle dealership and repair, and the available time consumers have for using them (Diamond, 2008). All of these factors are taken into account in the factoring of both the baseline motorcycle industry forecast and the hybrid motorcycle forecast as well.
Sales and Unit Forecasts

Using exponential smoothing and an average sale price of $9,100, the forecast for the…...

mla

References

Diamond, D.. (2008). Managing Incentives for Green Vehicles. Public Manager, 37(4), 15-18.

Lapide, L.. (2009). History of Demand-Driven Forecasting. The Journal of Business Forecasting, 28(2), 18-19.

Patrick Mahoney. (2007, March). Taking the roar out of the crowd: HYBRID MOTORCYCLES. Machine Design, 79(5), 98-100.

Murphy, R., Graber, M., & Stewart, a.. (2010). Green Marketing: A Study of the Impact of Green Marketing on Consumer Behavior in a Period of Recession. The Business Review, Cambridge, 16(1), 134-140.

Of course, this is a good thing for customers on short-term, but is negatively affects other companies on the market. This is because smaller competitors and especially those that intend to enter the market addressed by IBM find it at least difficult to provide product prices in accordance with those provided by IBM. These smaller companies do not have the ability of reducing their production or operating costs, which does not allow them to introduce competitive prices on the market. This way, they are clearly disfavored by IBM's position and market power.
In addition to this, in a field like it, it is imperative to make continuous investments into the research and development activity. This requires significant capital amounts from these companies. The investment levels that IBM reaches cannot be reached by many of these companies. This makes it difficult for these companies to keep up with IBM and its…...

mla

Reference list:

1. Oates, J. (2009). IBM Faces EU Monopoly Probe. Enterprise. Retrieved November 14, 2010 from  http://www.channelregister.co.uk/2009/01/20/ibm_eu_probe/ .

2. Annual Report (2010). IBM. Retrieved November 15, 2010 from  http://www.sec.gov/Archives/edgar/data/51143/000104746910001151/a2195966z10-k.htm .

3. Monopoly: A Brief Introduction (2006). Linux Information Project. Retrieved November 15, 2010 from  http://www.linfo.org/monopoly.html .

4. O'Gara, M. (2010). EC Opens Two Antitrust Investigations of IBM. Retrieved November 15, 2010 from http://soa.sys-con.com/node/1478919.

2009).
Market Share and Sales

As stated above, it is impossible to predict total market share in terms of a percentage or direct proportion. The growth in the demand for web development services vastly outstrips supply, and with a large part of the retail sector still untapped in terms of website sales it will be impossible for any small competitor to capture a major portion of market share (Urbach et al. 2009; Mohammed 2008). Sales will only be limited by the potential of the company to produce the products sold, however, meaning a substantial amount of revenue can be generated.

Ongoing Market Evaluation

Statistics and market trends are regularly calculated, compiled, and published by a variety of individuals and organizations, including the Canadian national government, which will allow for the continuous monitoring of relevant data and potential impacts on the market (Office of Consumer Affairs 2011). The company's planned move back to China…...

mla

References

Mohammed, A. (2008). Retailers Competing for Market Share: 2007 Retail Sales in Review. Accessed 18 October 2011.  http://www.statcan.gc.ca/pub/11-621-m/11-621-m2008075-eng.pdf 

Office of Consumer Affairs. (2011). Consumer Trends Report. Accessed 18 October 2011.  http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02088.html 

Urbach, M., Schaan, S. & Anderson, F. (2009). Technological Change in the Private and Public Sectors. Accessed 18 October 2011.  http://www.statcan.gc.ca/pub/88f0006x/88f0006x2009004-eng.pdf

Even public transportation is growing more expensive, given that cash-strapped states are raising fares.
SOT Analysis:

Strengths

Victory offers customizable bikes with great value and power, according to its promotional literature. I

eaknesses

Victory began as an "offshoot" of Polaris Industries, which is mainly known for marketing snowmobiles and ATVs. Amongst the target audience, particularly in the South and areas where snowmobiling is uncommon, it may have little brand recognition.

Opportunities

The economic downturn and demand for more fuel-efficient vehicles could be capitalized upon as a great opportunity for the company -- more individuals are likely to be seeking out motorcycles as a mode of transportation.

Threats

In a recent head-to-head of Harleys and Victories, one trade magazine said that Victory produced the superior model, but Harley had the better-known name: "It comes down to cooler character of the Harley vs. The better handling, more powerful Cross Country. I know which one I'm choosing," concluded the reviewer (Cherney,…...

mla

Works Cited

Cherney, Andrew. 2010 H-D Road Glide vs. 2010 Victory Cross Country: New breed of baggers busts out. Motorcycle Cruiser. 2010. October 7, 2010 at  http://www.motorcyclecruiser.com/roadtests/1004_crup_2010_hd_road_glide_vs_2010_victory_cross_country/motorcycle_design.html 

Scooters and Motorcycles Popularity and Wrecks Increase. Technology for the Future. July 21, 2010. October 7, 2010 at  http://techus.org/2010/07/scooters-and-motorcycles-popularity-and-wrecks-increase/ 

Victory Motorcycles. Official website. October 7, 2010.

 http://www.polarisindustries.com/en-us/victory-motorcycles/Pages/Home.aspx

Healthcare as a Basic Human Right

Introduction

The debate over whether healthcare constitutes a basic human right has been ongoing for decades. While some argue that healthcare is an essential component of a dignified and fulfilling life, others contend that it is a privilege that should be earned or purchased. This essay will delve into the arguments for and against the notion of healthcare as a basic human right, examining various perspectives and evidence to present a comprehensive analysis.

Arguments in Favor

Universal Declaration of Human Rights: Article 25 of the Universal Declaration of Human Rights, adopted by the United Nations in 1948,....

Functions of Money and its Role in Facilitating Transactions

Money, a ubiquitous medium of exchange, plays a crucial role in facilitating transactions within an economy. Its various functions streamline economic activities, promote efficiency, and ensure the smooth operation of the market system.

1. Medium of Exchange:

Money serves as a universally accepted means of payment for goods and services. It eliminates the need for cumbersome barter systems, where individuals exchange goods directly, often resulting in inefficiencies and difficulties in finding mutually agreeable exchange ratios. As a standardized medium of exchange, money simplifies transactions, making them quicker and more convenient.

2. Unit of Account:

Money provides....

I. Introduction

1. Overview of the Market Revolution
   
   

   1. Definition and scope of the Market Revolution
   
   
   2. Historical context leading to the revolution

2. Key Innovations
   
   

   1. Introduction to railroads, telegraph, cotton gin, and steam engine
   
   
   2. Their significance in the 19th century

II. Body

1. Railroads and Economic Growth
   
   

   1. Expansion of trade networks
   
   
   2. Reduction in transportation costs and time

2. The Telegraph and Communication
   
   

   1. Instant communication....