On the theory of residual analyses and abnormal performance metrics

James Arvid Ohlson

doi:10.1177/031289627800300205

On the theory of residual analyses and abnormal performance metrics

James Arvid Ohlson

Research output: Journal article publication › Journal article › Academic research › peer-review

9 Citations (Scopus)

Abstract

In spite of the proliferation of alternative API metrics, little interpretation and comparison of them has been conducted. Their relationship with the capital asset pricing model has remained obscure. This paper attempts to clarify these and other issues. The major conclusion is that API (or residual) analysis is not satisfactory for testing market efficiency and, therefore, it seems premature to conclude that available evidence is consistent with efficiency.

Original language	English
Pages (from-to)	175-193
Number of pages	19
Journal	Australian Journal of Management
Volume	3
Issue number	2
DOIs	https://doi.org/10.1177/031289627800300205
Publication status	Published - 1 Jan 1978
Externally published	Yes

Keywords

AGGREGATION
API
EFFICIENCY
MARKET MODEL
RESIDUAL
STOCK MARKET PRICES

ASJC Scopus subject areas

General Business,Management and Accounting

More information

10.1177/031289627800300205

Cite this

@article{b952489540584f2995f7a048838b8270,

title = "On the theory of residual analyses and abnormal performance metrics",

abstract = "In spite of the proliferation of alternative API metrics, little interpretation and comparison of them has been conducted. Their relationship with the capital asset pricing model has remained obscure. This paper attempts to clarify these and other issues. The major conclusion is that API (or residual) analysis is not satisfactory for testing market efficiency and, therefore, it seems premature to conclude that available evidence is consistent with efficiency.",

keywords = "AGGREGATION, API, EFFICIENCY, MARKET MODEL, RESIDUAL, STOCK MARKET PRICES",

author = "Ohlson, {James Arvid}",

year = "1978",

month = jan,

day = "1",

doi = "10.1177/031289627800300205",

language = "English",

volume = "3",

pages = "175--193",

journal = "Australian Journal of Management",

issn = "0312-8962",

publisher = "SAGE Publications Ltd",

number = "2",

}

TY - JOUR

T1 - On the theory of residual analyses and abnormal performance metrics

AU - Ohlson, James Arvid

PY - 1978/1/1

Y1 - 1978/1/1

N2 - In spite of the proliferation of alternative API metrics, little interpretation and comparison of them has been conducted. Their relationship with the capital asset pricing model has remained obscure. This paper attempts to clarify these and other issues. The major conclusion is that API (or residual) analysis is not satisfactory for testing market efficiency and, therefore, it seems premature to conclude that available evidence is consistent with efficiency.

AB - In spite of the proliferation of alternative API metrics, little interpretation and comparison of them has been conducted. Their relationship with the capital asset pricing model has remained obscure. This paper attempts to clarify these and other issues. The major conclusion is that API (or residual) analysis is not satisfactory for testing market efficiency and, therefore, it seems premature to conclude that available evidence is consistent with efficiency.

KW - AGGREGATION

KW - API

KW - EFFICIENCY

KW - MARKET MODEL

KW - RESIDUAL

KW - STOCK MARKET PRICES

UR - http://www.scopus.com/inward/record.url?scp=84970217027&partnerID=8YFLogxK

U2 - 10.1177/031289627800300205

DO - 10.1177/031289627800300205

M3 - Journal article

SN - 0312-8962

VL - 3

SP - 175

EP - 193

JO - Australian Journal of Management

JF - Australian Journal of Management

IS - 2

ER -

On the theory of residual analyses and abnormal performance metrics

Abstract

Keywords

ASJC Scopus subject areas

More information

Other files and links

Fingerprint

Cite this