In a 1953 study of stock prices, Maurice Kendall found that ________.
A) there were no predictable patterns in stock prices
B) stock prices exhibited strong serial autocorrelation
C) day-to-day stock prices followed consistent trends
D) fundamental analysis could be used to generate abnormal returns

Question

Quizplus · Accepted Answer

Maurice Kendall's study found that there were no predictable patterns in stock prices, indicating that it is difficult to consistently generate abnormal returns through technical analysis alone.

In a 1953 Study of Stock Prices, Maurice Kendall Found