Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?

This paper will develop the efficient markets model in Section I to clarify some theoretical questions that may arise in connection with the inequality (1) and some similar inequalities will be derived that put limits on the standard deviation of the innovation in price and the standard deviation of

本文将在第一节中拓展有效市场模型（efficient markets model），以厘清与不等式（1）相关的若干理论问题；同时，本文还将推导若干类似不等式，这些不等式对价格创新的标准差及……的标准差施加了限制。