false 26078 2 <p>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.</p><p>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 same historical databases for discovering anomalies and developing seemingly profitable investment strategies. This book invites scholars to reconsider the Random Walk Hypothesis, and, by carefully documenting the presence of predictable components in the stock market, also directs investment professionals toward superior long-term investment returns through disciplined active investment management.</p> 26788 1999 A Non-Random Walk Down Wall Street total:5|4:1|3:1|2:2|1:1| 5 12 15 0 0 0 false false Fri Oct 23 18:23:20 -0700 2009 Fri Oct 23 18:23:20 -0700 2009 0 0 false false Thu Jul 23 08:39:08 -0700 2009 Thu Jul 23 08:39:08 -0700 2009 3 0 false false Fri Apr 17 19:48:00 -0700 2009 Fri Apr 17 19:48:00 -0700 2009 2 0 false false Wed Apr 08 16:40:18 -0700 2009 Wed Apr 08 16:40:18 -0700 2009 2 0 false false Mon Jul 27 12:34:48 -0700 2009 Wed Mar 25 07:38:52 -0700 2009 Mon Jul 27 12:34:48 -0700 2009 0 0 false false Wed Feb 11 05:57:28 -0800 2009 Wed Feb 11 05:57:28 -0800 2009 0 0 false false Fri Feb 06 23:10:58 -0800 2009 Fri Feb 06 23:10:58 -0800 2009 0 0 false false Sun Jan 04 05:09:22 -0800 2009 Sun Jan 04 05:09:22 -0800 2009 0 0 false false Thu Jan 01 21:57:20 -0800 2009 Thu Jan 01 21:57:33 -0800 2009 0 0 false false Thu Dec 11 13:03:16 -0800 2008 Thu Dec 11 13:03:21 -0800 2008 0 0 false false Tue Oct 28 14:09:01 -0700 2008 Tue Oct 28 14:09:01 -0700 2008 4 0 false false Sat Oct 18 09:54:26 -0700 2008 Sat Oct 18 09:54:26 -0700 2008 0 0 false false Wed Aug 27 17:16:33 -0700 2008 Wed Aug 27 17:16:33 -0700 2008 0 0 false false Thu Jul 31 12:24:45 -0700 2008 Thu Jul 31 12:24:45 -0700 2008 1 0 false false Mon Feb 25 17:51:50 -0800 2008 Mon Feb 25 17:51:50 -0800 2008