A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value" gradually becomes disseminated throughout the market place. (Richard Arnold Epstein)

A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value" gradually becomes disseminated throughout the market place.

Richard Arnold Epstein

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adjustment assumption information intrinsic market model place stock value weakness whereas lies

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