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COMMODITY FUTURES: TRENDS OR RANDOM WALKS?

Authors :
STEVENSON, RICHARD A.
BEAR, ROBERT M.
Source :
Journal of Finance (Wiley-Blackwell); Mar1970, Vol. 25 Issue 1, p65-81, 17p, 5 Charts, 3 Graphs
Publication Year :
1970

Abstract

The purpose of this paper is to draw together in one analysis several tests of the nature of speculative price movements and to view the results of their application to two series of commodity future prices. The results obtained suggest that these series do move in a systematic, as opposed to a random, manner. [ABSTRACT FROM AUTHOR]

Subjects

Subjects :
COMMODITY futures
COMMODITY options
PRICE level changes
RANDOM walks
EFFICIENT market theory
STOCK price forecasting

Details

Language :
English
ISSN :
00221082
Volume :
25
Issue :
1
Database :
Complementary Index
Journal :
Journal of Finance (Wiley-Blackwell)
Publication Type :
Academic Journal
Accession number :
4655208
Full Text :
https://doi.org/10.1111/j.1540-6261.1970.tb00414.x
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