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dc.contributor.advisorMoffit, Timothy E.
dc.contributor.authorMeier, Joseph A.
dc.description32 p.en_US
dc.description.abstractThe Efficient Markets Hypothesis (EMH) has spurned debate in academia since the theory was published. The seminal work of Fama (1970) on the EMH states that market prices fully reflect all publicly available information. Bloomfield's (2002) "Incomplete Revelation Hypothesis" (IRH) asserts that statistics that are more costly to extract from public data are less completely revealed in market prices. This alternative to the EMH can account for many of the phenomena that are central to financial reporting but inconsistent with the EMH. The IRH also clarifies that informational inefficiency does not necessarily apply to a trader's level of irrationality. In addition, the IRH suggests that extraction costs viable and must be recognized. Here, it is hypothesized that Bloomfield's IRH model can (a) link price reactions and extraction costs, (b) elicit models for return predictability (drift), (c) provide tools for financial analysis and investment practice, (d) better characterize a managers' financial reporting behavior, and (e) recognize financial reporting regulation and its effects.en_US
dc.relation.ispartofKalamazoo College Economics and Business Senior Individualized Projects Collection
dc.relation.ispartofseriesSenior Individualized Projects. Economics and Business.;
dc.rightsU.S. copyright laws protect this material. Commercial use or distribution of this material is not permitted without prior written permission of the copyright holder.
dc.titleThe Inefficient Capital Market and the Implications of the "Incomplete Revelation Hypothesis"en_US
KCollege.Access.ContactIf you are not a current Kalamazoo College student, faculty, or staff member, email to request access to this thesis.

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  • Economics and Business Senior Individualized Projects [1120]
    This collection includes Senior Individualized Projects (SIP's) completed in the Economics and Business Department. Abstracts are generally available to the public, but PDF files are available only to current Kalamazoo College students, faculty, and staff.

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