A Non-Random Walk Down Wall Street Jaime Alonso Yrastorza “The sheer scope of this

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A Non-Random Walk Down Wall Street Jaime Alonso Yrastorza “The sheer scope of thisFor over half a century, financial experts have regarded the movements of markets as a random walk unpredictable meanderings akin to a drunkard's unsteady gait and 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