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Are markets efficient? An investigation using market data.

Guidelines:

Is the market efficient? This question does not have a consensus. Researchers have extensively investigated this issue and have arrived at different conclusions. Research works vary regarding the market, sample data, sample period, and analytical approach. Therefore, there is no clear YES or NO answer.

In this assignment, you will need to conduct your research. You will need to read materials beyond your textbook. Please carefully review various anomalies and tests from the text and decide what you want to investigate. (Please note that you can perform any analysis except for the event study).Depending on your chosen topic, you may need to download data from Yahoo Finance or the Murdoch database. Please use addition resource (see below) available under My Unit Readings in Postworkshop block of Session 3 [The Efficient Market Hypothesis (Chapter 11)]

cNo specific tests or anomalies are recommended for your assignment; it depends on your choice (except event study). However, ensure that your analysis is both convincing and insightful.

How to structure your assignment:

(a) Executive Summary: Executive Summary (ES) should reflect concisely the contents of the entire assignment. It should include a brief description of the issue investigated, background information, a very brief analysis, and a conclusion.

(b) Introduction: The introduction sets the stage for the rest of the document. After reading this section, a reader should have a clear idea of what to expect from the report, that is, what the report is going to address. It should also give an overview of the structure of the report.

(c) Identification of the issue(s): In this section, you should provide background on the issue/topic from previous research and set your topic in that context. For example, after giving the background of market efficiency from previous research, you may say something like this: “Given the inconclusive nature of the existing research, this report will further investigate …………..”

(d) Analysis: This section includes analysis of your data

(e) Conclusion: This section summarises what has been discussed in the report. This is about reminding the readers about the issue you addressed in this report.

Please see the marking rubric for other guidelines.

Format:

The word limit for the written report is 2500 words. The project must be fully referenced using the Chicago Style of referencing.

Details of this method can be found at: https://libguides.murdoch.edu.au/Chicago.

Although the Chicago style does not include access or view dates for electronic citations, please add this information to your reference list.

The report must:

be typed using Word
be double-spaced
use Times New Roman font, size 12.
have normal margins. Electronic assignment submission Use the submission link in the Assessment section to submit the following files:

(a) Written report in Word document

(b) Presentation PPT

(c) Group project plan Use a unique filename that follows the convention:

Unit Code_AssignTS24_ID, where TS24 stands for Trimester September 2024. For example, in BUS329_AssignTS24_12345678, 12345678 is the student ID of the student submitting the assignment in Trimester 2024.

Where can I get data?

There are ways you can obtain data for your analysis:

(a) You can use DatAnalysis Premium, which is available in the Murdoch University library database. A separate guideline on How to Download Data will be available on the LMS.

(b) You can also use the STOCKHISTORY1 function of Microsoft Excel to download data directly into your Excel. A YouTube video (see the link below) is useful for learning how to use this function (You can also search and follow other videos on how to download stock data directly into Excel)

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