C1.7. Somecommentators argue that stock pricesfollow a random walk. By this they meanthatchanges instockpricesinthe future are notpredictable,
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C1.7. Somecommentators argue that stock prices"follow a random walk." By this they meanthatchanges instockpricesinthe future are notpredictable, so noonecanearn an abnormal retum. Would stockpricesfollow a random walkif all investors were fundamental investors whouse all available information to pricestocksand agreed onthe implications of that information?
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Related Book For 
Financial Statement Analysis And Security Valuation
ISBN: 9780071267809
4th International Edition
Authors: Penman-Stephen-H, Steven Penman
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