所选的文章是关于股票市场价格在《商业杂志》上发表的. 本节描述了这篇祖父文章的概要，并提供了对知识主体如何在该领域做出贡献的评估。本文在本质上具有高度的描述性，其目的在于探讨理论的随机游走模型。关键是测试模型的实证效度。本文的基本结论解释了信息的一致性以及对使用该模型的更强烈支持(Fama, 1965)。本文认为，作为经验自然的证据，有利于随机漫步模型，但现在模型仍然是巨大的。文章的知识体系通过对这一领域的贡献大大增加了。
The article selected is Fama, E.F., (1965) on the behaviour of stock-market prices published in the journal of Business, 38(1), pp.34-105. This section describes a synopsis of this grandfather article along with providing assessment of how the body of knowledge has contributed in the field.
The paper is highly descriptive in nature and its purpose lies in discussing the random walk model underlying theory. The key was also testing the empirical validity of the model. The essential conclusion of this paper explains that information has shown consistency as well as stronger support for using this model (Fama, 1965). The paper suggests that as evidence of empirical nature is produced in favour of the random-walk model, but still the model now is hefty.
The article’s body of knowledge has added tremendously through its contribution to the field. For various years, a controversy remained for which the article offered a solution. The controversy was on the range previous history of a general price of stock can be used for making predictions of meaningful nature with regard to future stock price. This question had been answered either through theories provided by chartists or through the random walk theories. The article states that even though there are various distinct chartist theories, all the more similar and general assumption is still made in them (Fama, 1965). All of them are the assumption that the previous security cost behaviour has data rich in predicting behaviour in the future. Within the previous cost behaviour are some patterns and history results in repeating itself, the historical cost comes forward in the future as well. Therefore, by price charts careful analysis, an understanding can be developed of such patterns. This can be used for predicting prices behaviour in future.