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random walk theory

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00:55 Oct 19, 2020
English to French translations [PRO]
Bus/Financial - Economics
Additional field(s): Business/Commerce (general), Economics, Finance (general), Investment / Securities, Mathematics & Statistics
English term or phrase: random walk theory
Definition from The Economist:
Also random walk hypothesis. Impossible to predict the next step. efficient market theory says that the prices of many financial assets, such as shares, follow a random walk. In other words, there is no way of knowing whether the next change in the price will be up or down, or by how much it will rise or fall. The reason is that in an efficient market, all the information that would allow an investor to predict the next price move is already reflected in the current price. This belief has led some economists to argue that investors cannot consistently outperform the market. But some economists argue that asset prices are predictable (they follow a non-random walk) and that markets are not efficient.

Example sentence(s):
  • The most well-known practical example of random walk theory occurred in 1988 when the Wall Street Journal sought to test Malkiel's theory by creating the annual Wall Street Journal Dartboard Contest, pitting professional investors against darts for stock-picking supremacy. Investopedia
  • The random walk hypothesis has merit in dissuading investors from trying to make guesses about short-term stock movements. However, many long-term investors still manage to invest well by putting time on their side. The Motley Fool
  • Malkiel and the random walk theory provide considerable support to the intimidated individual investor, but Malkiel in particular encourages investors to understand the theories and investment methods that the random walk theory challenges. Investing Answers
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Question posted on behalf of translation team:
GBK economics and finances specialistsGBK economics and finances specialists


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Summary of translations provided
5cours aléatoire
Jean-marc YOUGONE
4 +1modèle de marche aléatoire
Hugues Marianne


Discussion entries: 1





  

Translations offered


6 hrs   confidence: Answerer confidence 5/5
cours aléatoire


Definition from https://www.btb.termiumplus.gc.ca/:
Mouvement irrégulier du cours d'une valeur ne répondant à aucune explication fondamentale ou technique.

Example sentence(s):
  • cours aléatoire : terme et définition extraits du CAPITAL Business et reproduits avec l'autorisation de LID Editorial Empresaria - termium 2001 plus 
  • N/A - N/A 
  • N/A - N/A 
Jean-marc YOUGONE
Cote D'ivoire
Local time: 21:24
Native speaker of: Native in FrenchFrench
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13 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
modèle de marche aléatoire


Definition from Diener. (2002). Marches aléatoires...:
Dans le cas d’une marche aléatoire, l’évolution future d’une quantité observée, le cours d’un titre, un indice, un taux, n’est plus constituée d’une trajectoire unique mais de n trajectoires possibles dont une seule se réalisera.

Example sentence(s):
  • La théorie de la marche au hasard a joué un rôle important dans la description et l’étude des séries des prix des actifs financiers. Son hypothèse principale considère que les changements successifs du prix d’une valeur sont engendrés par un processus aléatoire. - Daoui. (2018). Compromis marche aléa...  
  • Ce modèle [de marche aléatoire] a été successivement utilisé pour montrer la moralité des marchés financiers, l’imprévisibilité des variations boursières et, depuis les travaux de Fama, le bon fonctionnement d’un marché de libre concurrence. - Jovanovic. (2009). Le modèle de march..  
  • En effet, le prix des actifs financiers suit selon la théorie financière classique une marche aléatoire : les marchés sont dits « efficients », dans le sens où les prix reflètent toute l’information publique. De fait, il est impossible de donner une prédiction exacte du prix d’un actif à l’avance [...] - The Conversation  

Explanation:
Il est à noter que l'on retrouve également le terme de "marche au hasard" :

https://www.lesechos.fr/finance-marches/vernimmen/marche-au-...
https://halshs.archives-ouvertes.fr/halshs-00828289/document
Hugues Marianne
France
Local time: 23:24
Native speaker of: Native in FrenchFrench

Votes in favor of/against selecting this as the best translation of the term asked
Yes  Malika Camara
29 days
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