Time Value of Money (TVM) represents a concept that money available today are worth more than the same amount of money available in the future, because money can earn interest. Therefore, according to the TVM idea, the sooner the money is received, the more it is worth (Investopedia, n.d.).
Efficient market theory states that all information relevant to a particular stock on the market is reflected in its price, and no investor can benefit from earning an abnormal return by exploring buying and selling market opportunities (Levy, & Post, 2005).
In the primary asset market, newly issued financial assets are
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