Kunst, Robert M; Reschenhofer, Erhard; Rodler, Kurt - In: Empirical Economics 16 (1991) 4, pp. 465-77
This paper is concerned with subjecting two popular assumptions about the behavior of stock market prices to empirical tests: first, the random walk hypothesis developed by Bachelier (1900), Osborne (1959), and Mandelbrot (1963); second, the stable distributions hypothesis by Mandelbrot (1963)...