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多年来，法玛教授提出的随机漫步理论已经受到公众的关注。有几位研究学者在研究这个问题。许多科学研究都是通过开放许多实验来证明其重要性的。有效市场的概念可以分为两部分。第一个想法是，股票的回报率在一个有效的股票市场是随机的。此外，第二种观点认为，股票市场的参与者无法获得超额利润(Dunham, 2013)。自随机漫步理论和有效市场假说成立以来，许多学者对这一理论进行了研究，并在现代金融研究和实证领域中探寻了这一理论的相关性。

法玛教授撰写的研究论文在当代投资情景中仍有一定的借鉴意义，一些学术学者仍在研究论文中提出的理论。随机游走理论被认为是重要的金融理论，它为市场提供了重要的视角。它支持证券市场的长期投资，而不是依赖于股票市场的投机性交易。随机漫步理论并不依赖于股票市场的基本面分析，因为它认为证券价格是非常难以控制和难以管理的。因此，对未来安全价格的预测是不可能的。通常情况下，预测是正确的，但这是机会的因素。此外，投资决策不能以概率为基础。根据随机漫步理论，过去的安全性能与未来的价格没有任何关系，价格变化是独立的，不能通过股票过去的表现来预测。几位学者就股票市场效率问题进行了探讨，并对这一专题进行了几项研究。随机漫步理论认为，股票价格数据似乎以一致的方式存在，股票的价格水平可以通过一系列随机数字的路径得到更有效的预测。

Over the years, the theory of random walk presented by Professor Fama has undergone public scrutiny. There are several research scholars who worked on this matter. Various scientific research studies are conducted by opening many trials which are made to demonstrate its importance. The idea of the efficient market can be divided into two parts. The first idea is that the return from the stock is random in an efficient stock market. Moreover, the second idea is that the participants of the stock market cannot earn a surplus profit (Dunham, 2013). Since the inception of the random walk theory and efficient market hypothesis, many scholars work on this theory and search the relevance of this theory in modern finance study and empirical field.

The research article written by Professor Fama is still relevant in the contemporary investment scenarios, and several academic scholars still work on the theories presented in the paper. The random walk theory is considered as the critical finance theory, and it provides significant insight of the market. It supports long-term investment in the security market instead of depending on the speculative daily trading in the stock market. The random walk theory does not rely on the fundamental analysis of the stock market as it states that the security price is immensely unruly and unmanageable. Thus, the prediction of the future price of security cannot be possible. Often the prediction can be true, but that is the factor of chance. Moreover, the investment decision cannot be taken based on probability. According to the random walk theory, the past performances of security have not any connection with its future price, and the price changes are independent and cannot be predicted by the past performance of the stocks. Several academic scholars have addressed the issues regarding the stock market efficiency and also conducted several research works on this particular topic. The random walk theory suggests that the stock price data seem to exist in a consistent way and a stock’s price level can be more efficiently predicted by the path of a range of collected random numbers.

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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)。

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。

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).

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

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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。

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。

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.