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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.