📗 Libro en inglés A NON-RANDOM WALK DOWN WALL STREET

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. ''This book collects together and integrates an important body of research by two distinguished financial economists. The essays in the book explore the limits of the random walk model of security prices using insightful and rigorous statistical methods. The empirical findings are interpreted using modern theories of asset prices, and the resulting anomalies are used to challenge the theories in constructive ways. This book is highly recommended to academic and private-sector economists who are interested in understanding better the behavior of financial market returns.'' Lars Peter Hansen, University of Chicago