capital_market__13

May 19th, 2015
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An efficient capital market is a market where the share prices reflect new information accurately and in real time. Capital market efficiency is judged by its success in incorporating and inducting information, generally about the basic value of securities, into the price of securities.

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Richest Automobile CompanyIn May 2004, Toyota Motor Corporation (Toyota) announced record financial results for the fiscal year ended March 2004. The company's revenues and operating income had reached highs of $163 billion and $15 billion respectively (Refer Exhibit I). What was noteworthy, however, was that the company's net earnings were more than double the combined net earnings of automobile majors General Motors (GM), Ford, DaimlerChrysler, and Honda for their latest fiscals (Refer Exhibit II). Toyota was firmly entrenched as the most profitable company in the automobile industry in the early 2000s. At a time when the giants of the industry were making meager profits and some were even suffering losses, Toyota showed steady profits. This profitability gave the company a strong position in the Japanese economy as well as the global automobile industry, and helped it grow ra

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