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The statement that stock prices follow a random walk implies that: 1) Successive price changes are independent of each other II) Successive price changes are

The statement that stock prices follow a random walk implies that: 1) Successive price changes are independent of each other II) Successive price changes are positively related III) Successive price changes are negatively related IV) The autocorrelation coefficient is either +1 or -1 IV only II and III only I only III only

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