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Stock Market Efficiency: “An ‘efficient’ market is defined as a market where there are large numbers of rational profit maximisers actively competing, with each trying to predict future market values of individual securities, and where important current information is almost freely available to all participants.
In an efficient market, competition among the many intelligent participants leads to a situation where, at any point in time, actual prices of individual securities already reflect the effects of information based both on events that have already occurred and on events which, as of now, the market expects to take place in the future. In other words, in an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value.”
Fama, E. (1965) ‘Random walks in stock market prices’, Financial Analysts Journal, Vol 21, pp. 55-59.)
You are a Junior Investment Analyst working in the Research Department of a major stockbroker. With reference to the statement above, you are required to write a report critically appraising the pricing efficiency of the UK stock market. You will need to support your appraisal and conclusions with evidence from an analysis of the share price and information flows relating to (Debenhams) company quoted on the London Stock Exchange. Your discussion should clearly refer to textbooks, journals and internet sources of research, in accordance with ‘good academic practices’.
Assessment criteria (weightings indicated for each criterion)
Stock Market efficiency (Debenhams Uk)
This assessment will enable students to demonstrate in full or in part the learning outcomes identified in the unit descriptors.
Knowledge and Understanding
K1. Identify and evaluate the contribution corporate finance theories can provide in formulating and evaluating corporate strategies to enhance shareholders’ wealth.
Cognitive skills
C1. Critically appraise corporate finance theories and practices for effective corporate management.
Practical and Professional skills
P1. Select and justify strategic solutions to corporate financial management problems/issues.
Transferable and Key skills
T1. Research, appraise, reflect upon and communicate theoretical based solutions to current corporate practice.
T2. Communicate effectively to specialist and non-specialist audiences.
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