Mean Reversion in Stock Prices? A Reappraisal of the Empirical Evidence
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Recent research based on variance ratios and multiperiod-return autocorrelations concludes that the stock market exhibits mean reversion in the sense that a return in excess of the average tends to be followed by partially offsetting returns in the opposite direction. Dividing history into pre-1926,
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美国国家经济研究局创建时间：
1988-12-01
