A Non-Random Walk Down Wall Street
Andrew W. Lo; A. Craig MacKinlay
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Add to basket: Este libro, escrito por Andrew W. Lo y A. Craig MacKinlay, desafía la hipótesis del paseo aleatorio, un pilar fundamental de la economía financiera moderna que sugiere que los movimientos del mercado son impredecibles. A través de un análisis riguroso, los autores demuestran que los mercados financieros no son completamente aleatorios y que existen componentes predecibles en los rendimientos de acciones y bonos.La obra integra investigaciones clave sobre la predictibilidad de los precios de las acciones, desde el rechazo de los paseos aleatorios en retornos a corto plazo hasta el análisis de la memoria a largo plazo. Es una lectura esencial para académicos y profesionales de la inversión que buscan comprender las tecnologías financieras y mejorar sus estrategias de gestión a largo plazo mediante un enfoque disciplinado. EAN: 9780691057743 Tipo: Libros Categoría: Negocios y Economía Título: A Non-Random Walk Down Wall Street Autor: Andrew W. Lo| A. Craig MacKinlay Editorial: Princeton University Press Idioma: en Páginas: 448 Formato: tapa dura.
Seller Inventory # Happ-2026-06-17-43133015
For over half a century, financial experts have regarded the movements of markets as a random walk--unpredictable meanderings akin to a drunkard's unsteady gait--and this hypothesis has become a cornerstone of modern financial economics and many investment strategies. Here Andrew W. Lo and A. Craig MacKinlay put the Random Walk Hypothesis to the test. In this volume, which elegantly integrates their most important articles, Lo and MacKinlay find that markets are not completely random after all, and that predictable components do exist in recent stock and bond returns. Their book provides a state-of-the-art account of the techniques for detecting predictabilities and evaluating their statistical and economic significance, and offers a tantalizing glimpse into the financial technologies of the future.
The articles track the exciting course of Lo and MacKinlay's research on the predictability of stock prices from their early work on rejecting random walks in short-horizon returns to their analysis of long-term memory in stock market prices. A particular highlight is their now-famous inquiry into the pitfalls of "data-snooping biases" that have arisen from the widespread use of the same historical databases for discovering anomalies and developing seemingly profitable investment strategies. This book invites scholars to reconsider the Random Walk Hypothesis, and, by carefully documenting the presence of predictable components in the stock market, also directs investment professionals toward superior long-term investment returns through disciplined active investment management.
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