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A Non-Random Walk Down Wall Street by A. Craig MacKinlay, Andrew W. Lo (Hardcover, 1999)

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Good

Author : Lo, Andrew W. Width : 16.5 cm. Dust cover is intact and pages are clean and not marred by notes. Item may contain remainder marks on outside edges. Shrink wrap, dust covers, or boxed set case may be missing.

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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. In this text, the authors argue that markets are not completely random after all and that predictable components do exist. They provide an account of the techniques for detecting predictabilities and evaluating their statistical and economic significance, and offer a glimpse into the financial technologies of the future.