The Behavior of Stock-Market Prices

@article{Fama1965TheBO,
  title={The Behavior of Stock-Market Prices},
  author={Eugene F. Fama},
  journal={The Journal of Business},
  year={1965},
  volume={38},
  pages={34}
}
  • E. Fama
  • Published 1965
  • Economics
  • The Journal of Business
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This paper reports results which verify the general proposition that, where each unit of a time series is an average of points within that unit, the effect of such averaging will be to introduce a
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In the hope that it may help to overcome these obstacles to effective empirical testing, this paper will attempt to fill the existing gap in the theoretical literature on valuation. We shall begin,
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New York stock price series are analyzed by a new statistical technique. It is found that short-run movements of the series obey the simple random walk hypothesis proposed by earlier writers, but
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Abstract The paper compares year-to-year changes in the Wiesenberger Index of Return for investment funds of similar objectives. It is initially shown, using correlation techniques, that there was
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