A New Look at the Random Walk Hypothesis

Seymour Smidt

Journal of Financial and Quantitative Analysis, 1968, vol. 3, issue 3, 235-261

Abstract: The basic idea behind the random walk hypothesis is that in a free competitive market the price currently quoted for a particular good or service should reflect all of the information available to participants in the market that influence its present price. To the extent that future conditions of the demand or supply are currently known, their effect on the current price should be properly taken into account.

Date: 1968
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