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IOARP Journal of Management and Leadership

IOARP Journal of Management and Leadership

Volume 2, Issue 2, June 2017

IOARP Journal of Management and Leadership offers a platform for academics, scientists, researchers, and practitioners to publish their articles focusing theoretical and practical aspects of management and leadership. Besides accepting author contributions on core topics in management and leadership, we are particularly interested in manuscripts employing interdisciplinary approaches potentially drawing from domains such as; engineering and physical sciences, social sciences and humanities, and life, health, and biomedical sciences.

Authors are invited to submit their contributions in form of theoretical and empirical papers employing qualitative, quantitative and critical methods, action-based research, and case studies, on all topics of Management and Leadership.

Volume 2
Issue 2, June 2017
IOARP Journal of Management and Leadership (JML)
15 July 2017
Dr M Adeel
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Journal Homepage on Global Digital Library

Analysis of Efficient Market Hypothesis and Behavioral Finance

Emine Beyza Arikan, Bernd Sanger, Mehul Mehta

The efficient market hypothesis suggests that at any given time in a capital market, the prices of stock reflect all available information. Hypothesis implies that it is impossible to beat the market because the market price always incorporates all the relevant information that may influence the price of a stock. Some researchers, based on the historic evidence, contradict with this hypothesis and challenge the presence of a perfect rationale behind the hypothesis. Behavioural finance on the other hand combines behavioural and cognitive psychological theory with economics and finance to provide explanations behind the irrational financial decisions investors make. Using these theories, behavioural finance explains stock market anomalies such as severe rises or falls in stock price. Behavioural finance assumes that both information structure and the characteristics of market investors influence investment decision of the individuals. This paper provides a thorough analysis of efficient market hypothesis and behavioural finance by taking into account the literature and market statistics.