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The random walk hypothesis: a research study on selected banks

Author

Listed:
  • Vijai Anand
  • Tapal Dulababu

    (The Oxford College of Business Management
    The Oxford College of Business Management)

Abstract

The EMH (Efficient Market Hypotheses) is one of the most incessant and respected theories in finance, yet it still comes under heavy criticism. The EMH has been based on an earlier theory that the market prices follow a random walk, hence they are unpredictable. For the purpose of the research, banking industry is considered. Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank and Oriental Bank of commerce are taken for the study. The research revealed that past prices of the stocks follow random walk. The investors are advised to analyze company’s balance sheet, corporate announcements on stock split, dividends, bonus issue and other financial factors before investing into a company.

Suggested Citation

  • Vijai Anand & Tapal Dulababu, 2012. "The random walk hypothesis: a research study on selected banks," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 1(1), pages 67-70.
    • Handle: RePEc:ods:journl:v:1:y:2012:i:1:p:67-70
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    Citations

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    Cited by:

    1. Dash, M., 2019. "Testing the Random Walk Hypothesis in the Indian Stock Market Using ARIMA Modelling," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 8(2), pages 71-77, May.
    2. Mihir Dash & Ravi Pathak, 2016. "Canonical Correlation Analysis of Asset-Liability Management of Indian Banks," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(2), pages 75-81, May.
    3. Anatoliy G. Goncharuk, 2016. "Banking Sector Challenges in Research," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(1), pages 34-39, February.
    4. Mihir Dash, 2020. "Testing the Binomial Model in the Indian Stock Market," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 9(1), pages 22-27, March.

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