The Efficiency of Cyclical and Defensive Stocks

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F14%3A00213871" target="_blank" >RIV/62156489:43110/14:00213871 - isvavai.cz</a>

Výsledek na webu

<a href="http://www.intcess14.org/" target="_blank" >http://www.intcess14.org/</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

The Efficiency of Cyclical and Defensive Stocks

Popis výsledku v původním jazyce

The paper is focused on the relation between intrinsic value of a stock and its market price, in detail on the differences between values and prices of cyclical and defensive stocks. These stocks differ in sensitivity of corresponded industry to businesscycle movements. Based on the differences between values and prices, corresponding form efficiency of the market can be found. Author investigates, whether higher market efficiencies are measured for cyclical or defensive stocks and what market efficiencies are measured according to different models. Models, which are used to estimate the intrinsic value of a stock are applied to stocks of chosen stock markets. Cyclical and defensive stocks are analysed within 1996-2012. They are chosen of stock marketvolume leaders within this period of all stocks included in chosen stock market indexes. US stock market index DJIA, UK index FTSE 100 and German index DAX are used. Period 1996-2012 is chosen because of the middle-term or long-term char

Název v anglickém jazyce

The Efficiency of Cyclical and Defensive Stocks

Popis výsledku anglicky

The paper is focused on the relation between intrinsic value of a stock and its market price, in detail on the differences between values and prices of cyclical and defensive stocks. These stocks differ in sensitivity of corresponded industry to businesscycle movements. Based on the differences between values and prices, corresponding form efficiency of the market can be found. Author investigates, whether higher market efficiencies are measured for cyclical or defensive stocks and what market efficiencies are measured according to different models. Models, which are used to estimate the intrinsic value of a stock are applied to stocks of chosen stock markets. Cyclical and defensive stocks are analysed within 1996-2012. They are chosen of stock marketvolume leaders within this period of all stocks included in chosen stock market indexes. US stock market index DJIA, UK index FTSE 100 and German index DAX are used. Period 1996-2012 is chosen because of the middle-term or long-term char

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2014

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

International Conference on Education and Social Sciences (INTCESS14), Vols I And II

ISBN

978-605-64453-0-9

ISSN

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e-ISSN

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Počet stran výsledku

9

Strana od-do

700-708

Název nakladatele

OCERINT-International Organization Center of Academic Research

Místo vydání

Istanbul, TURKEY

Místo konání akce

Istanbul

Datum konání akce

3. 2. 2014

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

349913300077