Stock market efficiency and random character of share price behaviour in India |
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| Authors: | O. P. Gupta |
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| Affiliation: | (1) Department of Commerce, University of Delhi (South Campus) New Delhi, India |
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| Abstract: | This study is aimed at testing the appropriateness of the random walk model in the Indian Stock Market for a recent period 1979–87. Using data of prices for five shares indices from the Bombay Stock Exchange during this period, both the tests - serial correlation and runs analysis, have generally supported the independence assumption of the random walk model. |
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