Hostname: page-component-78c5997874-m6dg7 Total loading time: 0 Render date: 2024-11-16T06:26:12.132Z Has data issue: false hasContentIssue false
  • English
  • Français

Introduction

Published online by Cambridge University Press:  19 October 2009

Stephen H. Archer
Get access Rights & Permissions [Opens in a new window]

Extract

Security markets in major industrial countries have frequently been referred to as close to perfect markets. Probably the highest quality market for a class of securities is the United States government bill market; however, it is also frequently inferred that the United States listed equity market is also a near perfect market. In a perfect market, no opportunities for profit based upon past price movements or any other past data should exist; stocks in a perfect market are always at their proper price except for purely random fluctuations.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 3 , Issue 3 , September 1968 , pp. 231 - 233
Copyright
Copyright © School of Business Administration, University of Washington 1968

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 Bachelier, Louis, Theory of Speculation, a thesis presented to the Faculty of Sciences of the Academy of ParisGoogle Scholar, reprinted in Cootner, Paul H., The Random Character of Stock Market Prices (Cambridge, Mass.: The M.I.T. Press), 1964, pp. 17–78Google Scholar.

2 Working, Holbrook, “A Random-Difference Series for Use in the Analysis of Time Series,” Journal of the American Statistical Association, XXIX (March 1934)Google Scholar.

3 Kendall, Maurice G., “The Analysis of Economic Time Series I,” Journal of the Royal Statistical Society (Ser. A), CXVI (1953)Google Scholar.

4 Roberts, Harry V., “Stock Market ‘Patterns’ and Financial Analysis: Methodological Suggestions,” Journal of Finance, XIV (March 1959)Google Scholar.