尤金·法玛教授的这篇文章的主要主题是评估证券的未来价值，并认识到支持证券未来价格的因素。然而，总体而言，有两种理论来评估市场，并预测未来的安全价格(DahiyaGaina, 2012)。这两种理论分别是宪章理论和随机漫步理论。宪章理论建立在安全价格的先前行为之上。根据该理论，如果任何人都能有效地理解任何特定安全的价格变化的行为模式，那么个人从股票市场中获利的机会就会增加(Dsouza和Mallikarjunappa, 2015)。教授如何不支持宪章理论，相反，他提倡随机漫步理论。根据文章作者的观点，在证券市场上，由于证券市场价格的变化是独立的，所以之前的图表对于做出任何艰难的投资决策都是没有用的，这与过去的价格没有任何关系(Dunham, 2013)。因此，过去的安全价格不能用来预测未来的价格。
论文对当前金融文献的影响: 这篇论文已经写了将近50年了。然而，本文的理论和概念在当代股票市场上是有关联的，而目前研究这一特定问题的研究人员经常引用这篇文章的理论和原理。学者们正在研究这个问题(证券市场的行为和对未来价格的预测)，并对随机漫步理论(Echaust, 2014)提供了非常重要的意义。该理论认为，市场和证券价格是随机的，它们与过去的价格没有任何联系。证券的过去价格不能影响证券的未来价格。这一理论背后的主要思想是，安全价格的随机性使得人们试图识别价格模式以获取最新信息的好处。具体来说，该理论认为日常的安全价格是独立的(Gallander, 2008)。这意味着，这种势头在本质上并没有持续下去，而且对于任何特定股票的未来增长，都无法预测之前的盈利增长。
The main theme of the article by Professor Eugene F. Fama is to evaluate the future value of the security and to recognize the factors that support in predicting future price of the securities. However, in general, there are two theories that exist to evaluate the market and predict the future price of the security (DahiyaGaina, 2012). The two theories are the chartist theory and the random walks theory. The Chartist theory is founded on the previous behaviour of the security price. According to the theory, if anyone can be able to understand the behaviour pattern of the price change of any specific security efficiently, the chance of the individual to make the profit from the stock market is increased (Dsouza and Mallikarjunappa, 2015). How the Professor did not support the Chartist theory, instead he advocated for the random walks theory. According to the author of the article, the previous charts are not useful for making any tough investment decision in the stock market as the changing of the prices in the security market is independent, and this has not any connection with the past price (Dunham, 2013). Therefore, the past prices of the security cannot be used to predict the future price.
Impact of the paper on current financial literature: However, the paper has been written for almost fifty years. Still, the theories and concepts of the paper are relevant in the contemporary stock market, and the present researchers who work on this particular matter frequently used to refer the theories and principal of this article. The scholars are working in this matter (behaviour of security market and prediction of future price) and providing great importance to random walks theory (Echaust, 2014). The theory states that the markets as well as the security prices are random and they do not have any connection with the past price. The past prices of the security cannot influence the future price of the securities. The main idea behind this theory is that the randomness of security prices makes attempt for recognizing the price patterns to take benefits of latest information. Specifically, the theory argues that the day-to-day security prices are independent (Gallander, 2008). It means that the momentum does not persist in nature and the computation of the previous earning growth cannot be anticipated for future growth of any specific stock.