Stock Price Random Walks
Some Supporting Evidence
Bibliographic Data
| ID | 19313635 |
|---|---|
| Authors | Sheen T Kassouf (corresponding author) |
| Year | 1968 |
| Volume | 50 |
| Issue | 2 |
| Pages | 275 |
| Publication date | 1968-05-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Review of Economics and Statistics (JOURNAL) |
| Journal identifiers | ISSN: 0034-6535 • E-ISSN: 1530-9142 |
| Publisher | JSTOR (PUBLISHER) |
| DOI | 10.2307/1926204 |
| OpenAlex | W2328263534 |
| Language | EN |
| Citations received | 2 |
| References cited | 4 |
tempted to go a little further and suggest that the degree of concentration as such does not contribute materially to the explanation of high profitability. Perhaps this is not surprising because although a highly concentrated industry may be associated with high profitability a large number of situations are possible depending, amongst other things, on whether the industry is expanding or contracting, and on the degree of internal, intra industry, and potential competition. Secondly, the analysis shows clearly the importance of very high barriers to entry arising for instance, from control over raw materials, patent protection and economies of scale. In these cases the means exist whereby firms can maintain high profitability over a long run of years. A concern for barriers to entry should certainly be central to the implementation of a monopoly policy. Thirdly, the highly significant relationship between growth and profitability is a well established one,3 and any monopoly policy which is based on realised profitability should at least distinguish between fast and slow growing industries or (ideally) firms, and attempt to assess the extent to which high profitability is 'justified' by a high rate of growth. STATISTICAL APPENDIX
Business · Econometrics · Economics · Financial economics · Geography · Random walk · Random walk hypothesis · Statistics · Stock (firearms) · Stock market · Stock price · Capital Investment and Risk Analysis · Economic theories and models · Economic Theory and Policy · Mathematics
| Citations per year | 0.11 |
|---|---|
| Citation span | 2008 - 2024 (17) |
| Highly cited | No |