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LOS 46.f: Describe market anomalies.                        Session Unit 13:
                                                                  46. Market Efficiency




      Anomalies in Time-Series Data:



      • Calendar anomalies e.g. the January effect

      • Overreaction and momentum anomalies.


       Anomalies in Cross-Sectional Data

       • Size effect
                                                         tanties
       • The value effect -value vs growth stocks



       Other Anomalies

       • Closed-end investment funds -trade at prices that sometimes deviate from the net

           asset value (NAV)
       • Earnings announcements.

       • Initial public offerings.
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