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A Non-Random Walk Down Wall Street by Lo, Andrew W., MacKinlay, A. Craig is a nonfiction available to read on EtoBox.

What is A Non-Random Walk Down Wall Street about?

For 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 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 sam

Who reads A Non-Random Walk Down Wall Street?

Author

Lo, Andrew W., MacKinlay, A. Craig

Publisher

Princeton University Press

Published

2011

Language

EN

ISBN

9781400829095

Category

nonfiction

Subjects

Mathematics, Economics, Finance

Updated

2026-03-24