Stock Market Prices Do Not Follow Random Walks Evidence from a Simple Specification Test pdf download

03-26-2024 comment

In tbis article we test the random walk bypotbesis for weekly stock market returns by comparing vari-ance estimators derived. from data sampled at dif-ferent frequencies. Tbe random walk model is strongly rejectedfor tbe entire sample period (1962-1985) and for all subperiods for a variety of aggre-gate returns indexes and size-sorted portfolios.Altbougb tbe rejections are due largely to tbe bebav-ior of small stocks, tbey cannot be attributed com-pletely to tbe effects of infrequent trading or time-varying volatilities. Moreover, tbe rejection of tbe random walk. for weekly returns does not support a mean-reverting model of asset prices.

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The CES-D Scale pdf download

The CES-D scale is a short self-report scale designed to measure depressive sym ptomatology in the general population. The items of the scale are sym ptoms associated with depression which have been used in previously validated longer...
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