Are Stock Market Participants Rational?: Examining the Case of Seasonal Companies

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2013YanS_thesis.pdf(736.37 KB)
2013YanS_release.pdf(463.2 KB)
Date
2013
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Owens, David M.
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Haverford College. Department of Economics
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Thesis
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Award
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eng
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Haverford users only
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http://creativecommons.org/licenses/by-nc/3.0/us/
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Abstract
This thesis seeks to explore whether stock market participants are rational in the case of stock prices’ reaction to seasonal company revenue changes. Rational market participants are expected to differentiate between known seasonal revenue fluctuations and new revenue information. Through fixed effect analysis is applied on the data of S&P 500 companies to study the correlation between the revenue index, income, and the stock price index for strong, weak and non -seasonal companies. Strong results in support of market participants as rational is drawn.
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Subjects
Business enterprises -- Finance -- Seasonal variations
Stock exchanges -- Psychological aspects
Citation
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http://hdl.handle.net/10066/11366
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Economics