代写被抓

代写被抓

随机漫步理论认为,不可能持续打破市场,特别是在短期内,因为无法预测股票的价格。这本书的作者是一个随机漫步在华尔街的Malkiel,他声称分析师或专业顾问可以为投资组合增加一分钟或没有价值。作者认为,对投资、盈利预测和复杂图表模型的咨询服务是徒劳无益的。

代写被抓

作者Malkiel和Fama教授提供的关于random walk理论的理论为害怕的个人投资者提供了相当大的支持。然而,作者特别鼓励投资者了解随机漫步理论所面临的投资理论和投资技巧(DahiyaGaina, 2012)。因此,笔者主张对投资进行买入和持有策略,认为这是优化投资回报的最佳途径。

根据支持随机漫步理论和有效市场假说(EMH)的学者们的观点,股票的现有市场价格是复制完整的、可获取的信息,而证券的当前市场价格是其真实价值。这个想法对随机漫步理论很重要。如果目前的市场价格是股票实际价值的完美例证,那么没有分析可以洞察未来价格的变化(Dsouza和Mallikarjunappa, 2015)。

代写被抓

The random walk theory claims that it is not possible to constantly break the market, specifically in the short term, as it is not possible to anticipate the prices of stocks. The author of the book A Random Walk Down Wall Street Malkiel claims that the analysts or the professional advisors can add the minute or no value to the portfolios. According to the author, advisory services for the investment, earnings predictions and complex chart models are futile and useless.

代写被抓

The author Malkiel and the theory provided by Professor Fama regarding the random walk theory provide considerable support to the scared individual investor. However, the authors specifically encourage investors to be aware of the theories and techniques of investment that the random walk theory confronts (DahiyaGaina, 2012). Therefore, the author advocates the buy & hold strategy for the investment as he considered it as the best way to optimize the return on the investment.
According to the scholars who support random walk theory and efficient market hypothesis (EMH), the existing market price of a stock replicates the complete, accessible information, and the current market price of the security is its true value. The idea is significant for the random walks theory. If the present market price is a perfect illustration of the actual value of stock, then no analysis can deliver insight into where price will shift in the future(Dsouza and Mallikarjunappa, 2015).

 

 

美国查重

美国查重

有很多人认为,这些事件是相互关联的,这些事件发生在一个集群中,即使是在随机数据中出现,比如抛硬币。随机漫步理论描述了预期安全价格的所有方法最终都是无用的。根据Malkiel(2016)的说法,内在价值的感知是不可靠的,因为它依赖于对股票市场未来收益的主观估计。在这个问题上,他建议使用预期派息、预期增长率、估计风险以及利率等因素,这些因素支持假设安全的内在价值(Semenov, 2014)。

美国查重

根据随机行走理论,技术分析是不可靠的,因为在销售价格趋势被打破后,以卖出的价格趋势来确定的价格趋势。重要的是,图表分析师使用的是买入或卖出太晚,并没有发现这条船。根据理论,这发生在股票价格复制信息和技术分析师移动股票。根据Malkiel(2016),技术分析的广泛使用减少了方法的好处。

此外,根据Malkiel(2016)的说法,根本的分析是不完善的,原因是分析员经常收集信息,这些信息是坏的,没有价值的或者错误的解释。这就导致了股票价值的糟糕预测。因此,分析师往往对未来的安全价格做出错误的预测。一个组织或相关行业的外部因素可能会对股价产生严重的影响,使得基本面分析不恰当且不相关。

美国查重

There are many people believe that the events are correlated with each other, which come in a cluster and streak even if the streak appears in random data like coin tosses. The random walks theory depicted that the entire methods of anticipating security price are useless in the end. According to Malkiel (2016), the perception of intrinsic value is undependable as it depends on the subjective estimation of the future earnings of the stock market. In this matter, he suggests using the factor like expected dividend pay-out, expected growth rate, estimated risk along with the interest rate, which support in assuming the intrinsic value of the security (Semenov, 2014).

美国查重

According to the random walk theory, the technical analysis is undependable as the Chartist used to buy only the after price trends, which are established with the sell after the selling price trends are broken down. Importantly, the chartists use to buy or sell too late and fail to spot the boat. As per the theory, this occurs as the stock price replicates the information and the technical analyst moves on the stock. As per Malkiel (2016), the wide usages of technical analysis decrease the benefits of the approach.
Furthermore, according to Malkiel (2016), the fundamental analysis is imperfection, and the reason is the analyst often gathers information which is bad, worthless or incorrect interpretation of that information. It leads to the bad prediction of the stock value. Therefore, the analyst often predicts wrongly about the future price of the security. The exterior factors of an organization or the relevant industry may influence badly on the stock price, which makes the fundamental analysis inappropriate and irrelevant.

 

论文代写-随机漫步理论

论文代写

随机漫步理论有两种截然不同的模式,在这两种模型中,数据或信息的快速合并对分析师和投资者都是不利的。来自公众的信息不会帮助分析师或投资者选择被低估的股票,因为市场已经将信息纳入了安全价格(Xu and Zhang, 2014)。

根据研究学者们的观点,主张随机漫步理论的人认为,这种理论是由具有相似分布的安全价格变化构成的。它还表明,安全价格变动并不相互依赖,这意味着它们是独立的。因此,不能利用以前的安全价格或市场趋势来预测其未来的走势(Zhang和Yang, 2016)。按照这个概念,安全价格是随机的,也是不可预测的。

论文代写

根据随机漫步理论的支持者们的说法,如果不承担额外的风险,就不可能超越或打破市场。有效市场假说认为,股票价格完全复制了完全可用的信息和预测;因此,实际价格是对公司内在价值的最好估计。这将阻止任何人以稳定的方式对错误定价的证券进行开发,因为价格的变动是随机的,并且会被意外事件所驱动(Dunham, 2013)。为此,研究这一课题的学者们主张投资于一个被动管理的多元基金。

论文代写

There are two distinct models of the random walk theory, and in both models, the rapid incorporation of the data or information is not beneficial to the analysts and investors. The information gathered from the public will not assist an analyst or investor in selecting undervalued stocks because the market has already incorporated the information into the security price (Xu and Zhang, 2014).
According to the research scholars, who advocates random walk theory addresses that the theory consists of security price alterations with having similar distribution. It also indicates that the security price alterations are not dependent to each other that mean they are independent. Therefore, the previous movement or trend of a security price or market cannot be utilized to forecast its future movement (Zhang and Yang, 2016). As per the concept, the security prices take a random as well as unpredictable way.

论文代写

According to the supporters of the random walk theory, it is not possible to outperform or break the market without assuming the extra risk. The efficient market hypothesis states that stock prices completely replicate the complete available information and prediction; thus, the actual prices are the best estimation of a firm’s intrinsic value. This would prevent anyone from the exploitation of the mispriced securities in a steady way, as the movements of prices are random and use to be driven by the unforeseen incidents (Dunham, 2013). For this reason, the research scholars who work on this topic advocate the investment in a passively managed well-diversified fund.

 

ps代写

ps代写

根据随机漫步理论,股票的现有市场价格是机会的结果,而不是之前事件的总和或人类行为模型的结果。随机漫步理论被认为是一个激烈争论的话题,在学术学者、金融分析师和投资者之间存在着许多争论。一个活跃的交易股票的价格变动或价格变动被证明是随机的,因此任何对未来价格波动的预测都必须被认为是一个错误的练习(Bougioukou, 2015)。

ps代写

根据支持随机漫步理论的学者们的说法,未来安全价格的变动比过去的更难以预测。这个想法是随机漫步理论的关键。如果股票的当前市场价格是股票实际价值的完整表示,那么就没有任何方法可以分析,这可以对未来的证券价格走势提供一个适当的洞察。

作者Malkiel将随机漫步的概念和理论进行了扩展,提出了一种观点,即安全的主动交易是以下命题。正是由于交易成本的随机性,价格变动才说明作者提出的命题(Chitenderu, Maredza and Sibanda, 2014)。通过对不同的股票市场指数进行投资,买入并持有交易管理的理念,并将其与短期交易策略进行技术分析比较,认为这是一种较好的交易策略。

ps代写

According to the random walk theory, a stock’s existing market price is a result of chance rather than the summation of previous events or the outcome of the model of human behaviour. The random walk theory is considered as a hotly debated subject, and there are many debates occur in this subject among the academic scholars, financial analyst and the investors. The individual prices movement or price changes of an actively traded stock are illustrated to be random and thus any prediction of future price fluctuations must be considered as a faulty exercise (Bougioukou, 2015).

ps代写

According to the scholars who support the random walk theory, the future movement of the security price is widely unpredictable than the past one. The idea is the key for the random walk theory. In case the present market price of a stock is a full representation of the actual value of the stock, then there is not any way to analysis, which can give an appropriate insight into where the security price will move in future.
The author Malkiel made expansion of the concepts and theory of random walk by provide an argument that the active trading of security is the following proposition. It is because of the transaction cost random characteristics of the price movement which indicates the explanation of the proposition made by the author (Chitenderu, Maredza and Sibanda, 2014). The investment are implemented on different stock market indices to buy and hold philosophies of trade management and it is considered as far better trading strategy by Malkiel with comparing to the short term trading strategies by technical analysis.