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Apple, Alphabet or Microsoft: Which Is the Most Efficient Share?

Author

Listed:
  • Paulo Ferreira

    (CEFAGE-UE, IIFA, Universidade de Évora, Portugal Departamento de Ciência e Tecnologia Animal, Escola Superior Agrária de Elvas, Instituto Politécnico de Portalegre, Portugal)

Abstract

The study of efficiency of financial assets remains important because the non-observation of this feature could mean that investors could have some capacity of predict the behavior of that asset. In this paper we use detrended fluctuation analysis to analyse the efficiency of the three most valuable American companies, curiously all from the same economic sector: Apple, Alphabet and Microsoft. Results point to efficiency of Apple’s shares and similar results for Alphabet. Just Microsoft has shares which show evidence of deviations from the efficiency. Our results also suggest that moments of crisis could have impact on changes in the efficiency patter of shares.

Suggested Citation

  • Paulo Ferreira, 2016. "Apple, Alphabet or Microsoft: Which Is the Most Efficient Share?," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 1(2), pages 67-79, December.
    • Handle: RePEc:sgh:erfinj:v:1:y:2016:i:2:p:67-79
    DOI: 10.33119/ERFIN.2016.1.2.1
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    Citations

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    Cited by:

    1. Ferreira, Paulo, 2018. "Long-range dependencies of Eastern European stock markets: A dynamic detrended analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 505(C), pages 454-470.
    2. Paulo Ferreira, 2020. "Dynamic long-range dependences in the Swiss stock market," Empirical Economics, Springer, vol. 58(4), pages 1541-1573, April.
    3. Ferreira, Paulo & Dionísio, Andreia & Guedes, Everaldo Freitas & Zebende, Gilney Figueira, 2018. "A sliding windows approach to analyse the evolution of bank shares in the European Union," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 490(C), pages 1355-1367.
    4. Ferreira, Paulo, 2018. "Efficiency or speculation? A time-varying analysis of European sovereign debt," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 490(C), pages 1295-1308.

    More about this item

    Keywords

    detrended fluctuation analysis; return rates; efficiency; Apple; Alphabet; Microsoft;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

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