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FOR many years the following question has been a source of continuing controversy in both academic and business circles: To what extent can the past history of a common stock's price be used to make meaningful predictions concerning the future price of the stock? Answers to this question have been provided on the one hand by the various chartist theories and on the other hand by the theory of random walks | The Behavior of Stock-Market Prices Eugene F. Fama STOR The Journal of Business Volume 38 Issue 1 Jan. 1965 34-105. Stable URL http links.jstor.org sici sici 0021-9398 28196501 2938 3Al 3C34 3ATBOSP 3E2.0.CO 3B2-6 Your use of the JSTOR archive indicates your acceptance of JSTOR s Terms and Conditions of Use available at http uk.jstor.org about terms.html. JSTOR s Terms and Conditions of Use provides in part that unless you have obtained prior permission you may not download an entire issue of a journal or multiple copies of articles and you may use content in the JSTOR archive only for your personal non-commercial use. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. The Journal of Business is published by The University of Chicago Press. Please contact the publisher for further permissions regarding the use of this work. Publisher contact information may be obtained at http uk.jstor.org j oumals ucpress.html. The Journal of Business 1965 The University of Chicago Press JSTOR and the JSTOR logo are trademarks of JSTOR and are Registered in the U.S. Patent and Trademark Office. For more information on JSTOR contactjstor@mimas.ac.uk. 2002 JSTOR http uk.jstor.org Mon Feb 11 17 24 52 2002 THE BEHAVIOR OF STOCK-MARKET PRICES EUGENE F. FAMa I. Introduction For many years the following question has been a source of continuing controversy in both academic and business circles To what extent can the past history of a common stock s price be used to make meaningful predictions concerning the future price of the stock Answers to this question have been provided on the one hand by the various chartist theories and on the other hand by the theory of random walks. Although there are many different chartist theories they all make the same basic assumption. That is they all assume that the past behavior of a security s price is rich in information concerning its future behavior. .