Random Walk Hypothesis
The early model of efficiency, holding that changes in security prices occur randomly, so that successive one-period returns are independent and identically distributed.
This one is not written up yet
The definition above is the short version. A full explanation — how it works, a worked example and the exam traps — is still being written. In the meantime the chapter below covers it in context.
Written up from the same chapter
Where this is taught
Free preparation for NISM Series XIX-C← All terms