The statement that stock prices follow a random walk, Financial Management

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The statement that stock prices follow a random walk

The statement that stock prices follow a random walk implies that:

a. Successive price changes are independent of each other

b. Successive price changes are positively related

c. Successive price changes are negatively related

d. The autocorrelation coefficient is positive

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Financial Management: The statement that stock prices follow a random walk

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Financial Management: The statement that stock prices follow a random walk

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