Present value models and tests for rationality and market efficiency

Economists have given great attention to stock markets in their efforts to test the concepts of market efficiency and rationality. Yet wagering markets are, in one key respect, better suited for testing market efficiency and rationality. The advantage of wagering markets is that each asset (bet) has a well-defined termination point at which its value becomes certain. The absence of this property is one of the factors that has made it so difficult to test for rationality in the stock market. Since a stock is infinitely lived, its value today depends both on the present value of future cash flows and on the price someone will pay for the security tomorrow. Indeed, one can argue that wagering markets have a better chance of being efficient because the conditions (quick, repeated feedback) are those which usually facilitate learning. However, empirical research has uncovered several interesting anomalies. While there are numerous types of wagering markets, legal and otherwise, this column will concentrate on racetrack betting and lotto-type lottery games.

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PENGUJIAN EFISIENSI PASAR BENTUK LEMAH PADA PASAR MODAL INDONESIA PERIODE 2014-2017

GEMA : Jurnal Gentiaras Manajemen dan Akuntansi ◽

10.47768/gema.v11i2.169 ◽

2019 ◽

Vol 11 (2) ◽

pp. 178-190

Author(s):

Eka Yulianti ◽

Dwi Jayanti

Keyword(s):

Financial Markets ◽

Market Efficiency ◽

Capital Market ◽

Weak Form ◽

Efficient Market Hypothesis ◽

Present Value ◽

Efficient Market ◽

Current Consumption ◽

Past Data ◽

Random Walk Theory

Investigate the current consumption of assets for the benefit of the future. The investment canbe done by only one in the capital market which means that the investment is invested in the initialcapital assets. Profit or the same value is aimed at the investor's main interest in investing not releasedfrom risk money. Such risks are inevitably uncertain about information movement in the stock market.Relevant information available can be used as a basis for making decisions when to buy shares orretain holdings of shares. In addition, information can also be a basis for consideration when to releaseshares or not to buy shares at all. This information relates to Efficient Market Hypothesis (HPE) whichcontinues to research in financial markets. One of the forms of the Efficient Market (HPE) hypothesis isthat market efficiency is a weak form that is examined in this study. This market efficiency form isrelated to random walk theory which assumes that past data is not related to present value.

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ANALISIS KELAYAKAN FINANSIAL INDUSTRI PENGOLAHAN KECAP ANEKA GUNA DI KOTA LANGSA

Jurnal Penelitian Agrisamudra ◽

10.33059/jpas.v2i1.229 ◽

2017 ◽

Vol 2 (1) ◽

pp. 21-30

Author(s):

Muhammad Jamil ◽

Januari Frizki Bella

Keyword(s):

Net Present Value ◽

Rate Of Return ◽

Internal Rate Of Return ◽

Present Value ◽

Internal Rate

Adapun tujuan dari Penelitian ini adalah untuk mengetahui kelayakan usaha industri pengolahan kecap Aneka Guna apabila dilihat dari segi kelayakan finansial. Penelitian ini menggunakan metode studi kasus. Lokasi penelitian yaitu di Kota Langsa dengan pertimbangan bahwa lokasi tersebut merupakan daerah yang terdapat industri pengolahan kecap asin dan mudah di jangkau oleh penulis. Waktu penelitian dilaksanakan pada Bulan Juni - Oktober 2014. Tenaga kerja yang digunakan berjumlah 27 orang, 20 tenaga kerja pria dan 7 orang tenaga kerja wanita. Jumlah penggunaan tenaga kerja selama 5 tahun sebesar 3759 HKP. Total biaya produksi yang dikeluarkan oleh pengusaha dalam usaha pembuatan kecap didaerah penelitian selama 5 tahun adalah Rp. 2.076.988.000,-. Pendapatan kotor yang diperoleh pengusaha sebesar Rp. 8.199.690.000,- dan pendapan bersih yang diperoleh sebesar Rp. 6.122.702.000,- Kota Langsa hanya memiliki 1 pengusaha pengolahan kecap asin dan dijadikan sebagai pengusaha sampel yaitu usaha industri pengolahan kecap asin Aneka Guna. Hasil perhitungan di peroleh Net Present Value (NPV) sebesar Rp. 263.281.290 (lebih besar dari nol), sedangkan Internal Rate of Return (IRR) sebesar 84% lebih besar dari tingkat bunga yang berlaku (D.F. = 18%), sedangkan Net B/C Ratio sebesar 3,27 (lebih dari pada 1) dan Pay Back Priod (PBP) 1 Tahun 6 Bulan (lebih kecil dari umur ekonomis).

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The Pornographer and McGahern's Allusive Practice

Irish University Review ◽

10.3366/iur.2017.0281 ◽

2017 ◽

Vol 47 (2) ◽

pp. 281-297

Author(s):

Tom Walker

Keyword(s):

Social Practice ◽

Literary Tradition ◽

The Novel ◽

Present Value ◽

The Past

Allusions to other texts abound in John McGahern's fiction. His works repeatedly, though diffidently, refer to literary tradition. Yet the nature of such allusiveness is still unclear. This article focuses on how allusion in The Pornographer (1979) is depicted as an intellectual and social practice, embodying particular attitudes towards the function of texts and the knowledge they represent. Moreover, the critique of the practice of allusion that the novel undertakes is shown to have broader significance in terms of McGahern's whole oeuvre and its evolving attempts to salvage something of present value from the literature of the past.

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