S/F/176. Arbitrage and stock index futures pricing

The paper examines arbitrage opportunities (AO) existing in capital (futures) markets describing the types and features of arbitrage, the reasons why AO arise, the impact of market imperfections on stock index futures, etc.

S/F/161. Efficiency of world's major stock markets

The paper examines the efficient market hypothesis describing efficient markets, discussing the causes and effects of efficiency, and arguing whether corporate problems provide evidence of stock markets inefficiency.

S/E/162. Price Management

The paper examines the mechanisms of pricing identifying factors that cause marketers to raise and reduce prices. Price wars and competitions to win customers are described; effective ways of setting a price are suggested with references to relevant literature.

S/E/163. Low price competition

The paper examines the implication of importing low price products considering the pressures for the companies to reduce prices, the growth of website transactions, the nature of competitive pricing, the correlation between price and quality, etc.

C/F/250. Efficient Market Hypothesis and security analysis

The paper examines the Efficient Market Hypothesis (EMH) stating that the price of a share reflects all known information about a company. The study answers the questions about how a technical or a fundamental analyst can make profits; how one estimates future share prices and trade in advance to make gains, etc. The merits and demerits of various approaches are analysed highlighting the practice of long term fund management and examining it in the light of the EMH.

C/F/253. Efficient market hypothesis

The paper presents critical analysis of the statement that equity share prices reflect all information that is available to the market, which means that all forms of investment analysis and research are worthless. Theoretical underpinnings of the efficient market hypothesis are examined; a short overview of related literature is provided; the practical implications of the hypothesis are discussed.

C/F/216. Seasonality in the Canadian Stock Market

This work examines the trend of stock market seasonality in the Canadian stock market. This makes use of the set of data across various sectors, the work employs the GARCH(1,1) model to study the various effects within the sectors. The whole study of seasonality affecting the stock markets is a global phenomenon and it continues to persist even today having various impacts on the stock prices across sectors. Although the presence of seasonality implies a lack of informational efficiency in the respective stock market, this study does not disprove the validity of the Efficient Market Hypothesis (EMH), as the presence of significant returns is not the same as to abnormal profits.

C/F/212. Theory of stock market efficiency and a brief discussion on Ray Ball's paper

This paper comments and lists the major points from Ray Ball's paper "The theory of stock market efficiency: accomplishments and limitations". We take a closer look at how the anomalies that exist across the efficient market hypothesis can either be worked out mathematically or simply taken as they stand in theory. A suggestion of Behavioural Finance is talked out as an alternative to certain discrepancies but the main question that still remains unanswered is this – is it possible to have a theory without any flaw?

C/B/738. Dissertation. Barclays Bank: Market efficiency and Porter's 5 Forces analysis

This work analyses the competitiveness of the UK's banking industry. The literature review is based on Porter's 5 forces model. It is found that the UK's banking industry is very competitive in certain segments such as current accounts and credit cards, while very uncompetitive in others such as services provided to SMEs. The internet has decreased the barriers of entry into this market, and therefore the banking industry is facing a strong growth of rivals from large non-banks such as supermarkets and retail stores. Although these rivals have brought higher competitive pressures to the industry, they have also allowed banks to provide a wider range of services, which in turn allow them to increase customer loyalty. The second part of work investigates the share price movements of Barclays bank. It is found that the share price does not follow the Random Walk model, but rather is highly dependant on the industry's share price performance. The work concludes that the banking industry overall is competitive.

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