SOURAV MAZUMDER | UEM - Academia.edu (original) (raw)

Papers by SOURAV MAZUMDER

An important question among stock market investors worldwide is whether the market is efficient e... more An important question among stock market investors worldwide is whether the market is efficient enough. Market efficiency bears far more deeper implications than most investor's imagine; about the ability of investor's to outperform the market. Efficiency of stock market implies whether it reflects all information available to the market participants at any given point of time. The Efficient Market Hypothesis (EMH) maintains that all stocks are perfectly priced or valued according to their inherent investment attributes, the knowledge of which all market participants possess equally (Fama, 1988). The paper tested the EMH in context of Indian stock market in the post liberalization era (1991-2013) through a series of tests. During this period several measures were initiated by the GoI to liberalize the functioning of the stock market and bring in more transparency. However, the outcomes of the research suggest that despite substantial progress in this regard the Indian stock ...

Valuation of stocks has been the most important area of study in finance among the researchers in... more Valuation of stocks has been the most important area of study in finance among the researchers in recent times. Valuation is the process of estimating the worth of a stock, which is important not only from the point of view of investment analysis, but also includes decisions on merger and acquisition, capital budgeting, financial reporting, determination of tax liability, in litigation, and due diligence among others. Researchers have worked on various genres of valuation models; however, despite over five decades of extensive research in this area, research findings remained inconclusive. This paper argues that one of the reasons behind these ambiguous findings is market efficiency. Efficiency of stock market implies whether it reflects all information available to the market participants at any given point of time. The Efficient Market Hypothesis (EMH) maintains that all stocks are perfectly priced or valued according to their inherent investment attributes, the knowledge of which...

Studies on asset valuation or pricing have long been a mainstay in research on finance. They cons... more Studies on asset valuation or pricing have long been a mainstay in research on finance. They constitute one of the unique cores of the growing literature in this relatively young discipline. In finance, valuation is the process of estimating the worth of an asset. Assets include investments in marketable securities such as stocks, options, business enterprises, including intangible assets such as brands, patents and trademarks. Valuations are important not only from the point of view of investment analysis, but also includes decisions on merger and acquisition, capital budgeting, financial reporting, determination of tax liability, in litigation, and due diligence among others. Researchers have worked on various genres of valuation models; however, despite over five decades of extensive research in this area, research findings remain inconclusive. This paper argues that one of the plausible reasons behind these ambiguous findings is market efficiency, which has not been explored or ...