根据阿巴斯(2014)的观点，随机漫步行为理论与有效市场理论相关联。研究人员认为，只有股票市场在本质上是有效的，价格的连续变化将是独立的，随机漫步将遵循价格(Abbas, 2014)。在本文中，他引用了许多基于Fama随机游走理论的文章。在全球股票市场的股票回报中，调查了随机漫步的行为。通过对文献的回顾发现，研究人员对股市回报行为没有达成共识(Abbas, 2014)。人们认为，随机漫步假说所表达的各种贡献已被证明有利于发达的股票市场。一些研究人员和作者发现，德国、英国、西班牙、瑞典、葡萄牙和爱尔兰的欧洲市场与随机漫步假说(Abbas, 2014)一致。然而，法国的市场与随机漫步的需求是一致的。
According to Abbas (2014), the random walk behaviour theory is associated with the theory of efficient market. It is regarded by the researcher that only if stock market is efficient in nature, the successive change of the price will be independent and the random walk will be followed by the prices (Abbas, 2014). In this paper, he has cited many articles that have developed and based on the random walk theory of Fama. The behaviour of random walk was investigated within the stock returns across the global stock markets. It has been identified through the review of literature that there be no consensus agreed by researcher about the stock market returns behaviour (Abbas, 2014). It is considered that the variety of contributions articulated on the random walk hypothesis has proven to be in favour of the developed stock markets. Several researchers and authors have identified that the European markets of Germany, United Kingdom, Spain, Sweden, Portugal and Ireland showcases consistency with the random walk hypothesis (Abbas, 2014). However, the market of France is aligned with only few of the random walk requirements.
The researchers have indicated that the random walk hypothesis is not applicable for the United States and there are conflicting and mixed empirical evidence from the developing nations. Weak form of efficiency is linked by certain researches without rejecting the random walk hypothesis for the stock markets of Mexico, Chile, Argentina and Brazil (Abbas, 2014). However, the others have surfaced strong support against the random walk hypothesis validity and rejected the efficiency in weak form across the emerging and developing nations of Chile, Brazil, China, Mexico, Korea, India, Venezuela, Columbia, Peru, Brazil and Argentina. As the Middle Eastern and North African Markets were investigates, it was found that the empirical literature has rejected the stock returns randomness across nations in identified regions.