On Relations among Stock Price Behavior and Changes in the Capital Structure of the Firm

A. James Boness, Andrew H. Chen and Som Jatusipitak

Journal of Financial and Quantitative Analysis, 1972, vol. 7, issue 4, 1967-1982

Abstract: There now exists a formidable documentation of the hypothesis that time series of common stock prices follow random walks. Taking these empirical demonstrations as convincing, additional work has largely fallen into two classes: (a) direct theorizing and testing of the exact nature of the random price-generating process; and (b) theorizing and testing of the implications of random walks in common stock price for the values of related securities such as warrants and convertibles.

Date: 1972
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