Corporate Finance

Structure of Assignment
Part A
1. Definition / meaning of Market Efficiency (Finance)
Describe Efficiency (Finance)
Two types of Efficiency
• Operational Efficiency Capital market
• Informational Efficiency Pricing Efficiency

Theory EMH (Characteristics)
Forms of EMH (Weak, Semi-Strong, Strong)

2. Singapore Capital Market (Stock)
Brief description of SGX
• Structure(Ownerships and Products/markets)
• Compare with contrast:
a. Developed Market eg. NYSE, LSE
b. Regional Emerging Markets e.g KLSE, JSE

Changes/ improvement in SGX in the past 10 to 15 years
• Reason for changes
• Impact of changes (Based on EMH/Market Efficiency)

3. Obtain Research reports on measure of market efficiency in (price)
SGX – Distinguish between 2 periods
a. Pre-Major changes
b. Post-Major changes

Conclusion (degree of market-pricing) efficiency in Singapore Today
Part B
4. Implications/Importance of market efficiency
Allocate Efficiency (Allocational Efficiency)
Pricing Efficiency leads to Allocative Efficiency
Importance for :
• Corporate Finance (Source of funds)
• Investor (Porfolio management strategies) Active & Passive

Efficiency Market Hypothesis – Implication to corporate managers and investors

5. Explore over the periods of time (10-15 years) in SGX
• Volume of trading
• Numbers of comparison listed
• Amount of funds raised

Compare contrast with other exchanges

6. Conclusion
• Determine efficiency has improved/is of high degree
• Determine wether market (SGX) Achieved objectives(Source of funds)

 

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