Читать книгу Equity Markets, Valuation, and Analysis - H. Kent Baker - Страница 45

Weak form efficiency occurs if stock prices currently reflect all known market information, including stock prices and volume. In this market, stock prices adjust rapidly to existing market information. These adjustments occur so quickly that investors cannot expect to consistently make abnormally large returns based on new market information as it becomes known. For example, Kendall (1953) finds that stock prices do not show any predictable patterns. In other words, whether the stock prices go up or down on the previous day does not predict the stock price movement today.