القيمة العادلة للأسهم في إطار فرضية السوق الكفوءة دراسة مقارنة بين أسواق (العراق و عمان و قطر) للأوراق المالية

The Fair value of Stocks in the frame work of The Efficient MARKET HYPOTHIES An COMPAIRDSTUDY BETWEEN IRAQ,AMAN &QATAR STOCK EXCHANGS (2006-2009)

This study aim to show stocks fair value and how should be achieved in efficient markets, through testing and Comparing among Iraq’s , Oman’s and Qatar’s financial Markets , because the efficient market achieve an optimal allocating for economic resources , and that means if financial a market efficient in strong form than economic resources will be go to most Profitable sectors, thus the resources will use in right manner, and the financial market will grow up the resources of financial and economic sectors.

This study contain also contain how to testing stock fair value , if it was reflects al information or not by using ( price / return ) ratio , and contain also statistical tests the sample of financial market efficiency degree, this study dependent on financial statement for listed companies in the financial markets and monthly publications of markets which determines closing prices for companies that listed in Iraq’s and Qatar’s markets and profits of each stock and its fair value .

And the study have several hypothesisthe and from it :

1 – the stocks market value in Iraq’s , Qatar’s and Oman’s markets reflects real ( fair ) and all information about company in the market .

2 – if the market value of stock is fair and reflects and there are no insiders then the market have the strong form .

And the study reach to several conclusions , most of it :

1 – the analyses of real stock value and its compare with the market value and result was there is a deviation about ( 100 % ) in the study sample and this result refer to a misprice in stocks .

2 – the study discover there is a deviation in real stock value from the  market value because there is announcements information about stocks and that led to present the stocks in less value , or bigger than the real, and that mean there are a companies never declaring a bout its information  and that led to misprice .

And the study includes several , most of it :

1 – the companies administrations must be put training employees in important places in the companies in order to not leaking important information of the company which led to increase or decrease in stock prices because   the insiders use the information to serve their personal business and this problem arise in the sample companies which show deviations in its stocks actual value from markets value .

2 – the necessity of making committee to make researches in time specific periods for example in each six months to analyses company stock value in order to inform if it’s real (fair ) reflect what it must the value in market or not , in case when there is deviations the company must be search about the reason and put the solutions to make it fair alue because that will increase the confidence of investors and ensure them will be never lose because they have information about everything in the company and the stock’s price have the real value