Efficient Securities Market:

The market waits so details appear of the strategy to beat the market. Ou and Penman (OP) calculated 68 ratios for a number of firms. They saw that ratios predicted net income (NI) rising or falling in the next year. The best ratios were used as independent variables to estimate a multivariate regression model to predict changes in the next year NI. This is an anomaly for efficient securities ... ................
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