There are three types of market efficiency: Ø - when prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers‚ market is said to be allocationally efficient; Ø - when the cost of transfering funds is “reasonable”‚ market is said to be operationally efficient; Ø - when prices fully reflect all available information‚ market is said to be informationally efficient. Bachelier (1900): In the opening paragraph of his
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Foundation for DSS Implementation." in Decision Support Systems: Theory and Application. C.W. Holsapple and A.B. Whinston (eds.). Berlin: Springer-Verlag: 239-63. Dunn‚ C.L. and W.E. McCarthy. 1997. "The REA Accounting Model: Intellectual Heritage and Prospects for Progress." Journal of Information Systems. 11 (Spring): 31-51. Frederick‚ D.M. 1991 "Auditors ’ Representation and Retrieval of Internal Control Knowledge" The Accounting Review (April 1991): 240-58. Gal‚ G. and W.E. McCarthy. 1983. "Declarative
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Impact of Industrial development on Nigeria stock market. The potentials of capital market in Nigeria as a catalyst to economic and industrial development cannot be over emphasized. The capital market as an internal part of a country’s financial system operates at the long end of the system to mobilize resources for long term development and growth. Basically‚ the capital market accelerates growth by providing ‚relatively long term capital - debt and equity finance – for government and corporate
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Mortgage markets exist to help individuals‚ businesses‚ and other economic units to finance the purchase of a home or other property. Characteristics of mortgage markets: 1. Mortgage loans are always secured by the pledge of real property—land or buildings— as collateral. 2. Second‚ mortgage loans are made for varying amounts and maturities depending on the borrower’s needs. 3. Issuers (borrowers) of mortgage loans are typically small‚ relatively unknown financial entities. 4. Secondary capital markets
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Computer continues to play an ever-increasing role both in our everyday lives and in organisation of all types. Within these organisations the impact of computerisation results in tremendous change and presents management in many situations with one of the most difficult of all contemporary challenges. Over the last decade‚ the rise in the importance of information and knowledge for business activity has become phenomenal (Marji and Philip‚ 2005). Information is now critical for the management
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Located in West Africa and bordering the Atlantic‚ Nigeria is a big country that occupies 356‚667 square miles with a total population of 168 million. Nigeria is abundant in natural resources like coal‚ gold‚ lead‚ iron‚ salt‚ copper‚ and zinc‚ but it is best known as a big producer of oil. Thanks to its size‚ population‚ and resources‚ Nigeria is dubbed as “the giant of Africa” (Falola‚ 4). According to World Bank Data of 2010‚ Nigeria has an annual percentage growth rate as 8.0%‚ one of the world’s
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Management and Economics Available online at www.managementjournal.info RESEARCH ARTICLE An Empirical Analysis of Capital Structure on Firms’ Performance in Nigeria Taiwo Adewale Muritala* Department of Economics and Financial Studies‚ Fountain University Osogbo‚ Osun State‚ Nigeria. *Correspondence E-mail: muritaiwo@yahoo.com Abstract This paper examines the optimum level of capital structure through which a firm can increase its financial performance using annual data of ten firms spanning a
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The financial markets are types of markets designed for the creation and disposition of financial assets. There are two sections of the financial markets in Nigeria‚ namely: money market and capital market (Central Bank of Nigeria-CBN‚ 2004; 2007). A financial asset is created when one party in exchange for cash issues a receipt of acknowledgement which entitles the holder a claim of pecuniary nature against future interests of the issuer. Financial assets fall into three general categories namely:
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As I have seen in the movie‚ there is a greater risk in the global capital market. And in today’s economy is financing and financial integrated‚ the most controversial issue in international economics is the financial globalization. Trade liberalization is beneficial thus elimination of barriers to international trade in goods and services. In financial markets it includes the capital flows of different countries like Indonesia‚ Malaysia‚ South Korea‚ Brazil and Russia. The two main benefits of
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Discount Houses Operations‚ the Money Market and the Nigerian Economy: A Preliminary Investigation C. B. Ezirim and F. E. Enefaa Abstract This paper investigates the relationships subsisting between the operations of discount houses and the performance indices of the money market and the general economy. The method used involved the estimation of regression models and subsequent analysis of results using conventional statistics. The findings indicate that positive and significant relationships
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