Commodity Futures: Trends or Random Walks? (pdf, 1970) Oct 11 2017 10:55 languageMoneyScience
keyboard_arrow_downkeyboard_arrow_up Visit resource
Richard A. Stevenson and Robert M. Bear
Journal of Finance, Volume 25, Issue 1 (Mar., 1970
From the Introduction
The purpose of this paper is to draw together in one analysis several tests of the nature of speculative price movements and to view the results of their application to two series of commodity future prices. The results obtain suggest that these series do move in a systematic, as opposed to a random, manner.