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The Random Walk Hypothesis (RWH) states that stock prices move randomly in the stock market without following any regular or particular pattern and as such historical information contained in the past prices of stocks cannot be used to predict current or future stock prices. Hence, stock prices are unpredictable and that investors cannot usurp any...
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Context 1
... runs test is a more robust statistical test than the Ljung-Box Q-statistic test for serial correlation. The runs tests are performed for both median, mean and mode values of returns and the results are reported in Table 4. From the results of runs tests reported in Table 4, observe that the Z-statistic values for the median, mean and mode tests are all negative indicating that the actual runs are less than the expected runs. ...Context 2
... runs test is a more robust statistical test than the Ljung-Box Q-statistic test for serial correlation. The runs tests are performed for both median, mean and mode values of returns and the results are reported in Table 4. From the results of runs tests reported in Table 4, observe that the Z-statistic values for the median, mean and mode tests are all negative indicating that the actual runs are less than the expected runs. This means there is a positive serial correlation in the stock return series (i.e., the stock return series do not move randomly). ...Similar publications
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Purpose
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