A Non-Random Walk down Wall Street

A Non-Random Walk down Wall Street

ISBN: 0691057745, 0691092567 | 2001 | EPUB | 448 Pages | 14 MB

For over half a century, financial experts have regarded the movements of markets as a random walkĘCunpredictable meanderings akin to a drunkard's unsteady gaitĘCand this hypothesis has become a cornerstone of modern financial economics and many investment strategies. Here Andrew W. Lo and A. Craig MacKinlay put the Random Walk Hypothesis to the test. In this volume, which elegantly integrates their most important articles, Lo and MacKinlay find that markets are not completely random after all, and that predictable components do exist in recent stock and bond returns. Their book provides a state-of-the-art account of the techniques for detecting predictabilities and evaluating their statistical and economic significance, and offers a tantalizing glimpse into the financial technologies of the future.

The articles track the exciting course of Lo and MacKinlay's research on the predictability of stock prices from their early work on rejecting random walks in short-horizon returns to their analysis of long-term memory in stock market prices. A particular highlight is their now-famous inquiry into the pitfalls of "data-snooping biases" that have arisen from the widespread use of the same historical databases for discovering anomalies and developing seemingly profitable investment strategies. This book invites scholars to reconsider the Random Walk Hypothesis, and, by carefully documenting the presence of predictable components in the stock market, also directs investment professionals toward superior long-term investment returns through disciplined active investment management.



[Fast Download] A Non-Random Walk down Wall Street

Ebooks related to "A Non-Random Walk down Wall Street" :
The Doodle Revolution: Unlock the Power to Think Differently
Lucky Boy in the Lucky Country: The Autobiography of Max Corden, Economist
Measuring Welfare beyond Economics: The genuine progress of Hong Kong and Singapore
An Authentic Account of Adam Smith
Building More Effective Unions, 2nd Edition
Hans Magnus Enzensberger - Parli sempre di soldi!
Suspicions of Markets: Critical Attacks from Aristotle to the Twenty-First Century
Smart Growth Entrepreneurs: Partners in Urban Sustainability
Capital and Language: From the New Economy to the War Economy (Semiotext(e) / Foreign Agents)
Foundations of Finance, Global 9th edition
Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.