Stock Market Prices do not Follow Random Walks: Evidence from a Simple Specification Test TORIo Andrew W. Lo; A. Craig MacKinlay The Review of Financial Studies, Vol. 1, No. 1( Spring, 1988), pp 41-66 Stable url: http://links.jstor.org/sici?sici=0893-9454%028198821%0291903a1%03c41%03asmpdnf93e2.0.co%03b2-u The Review of Financial Studies is currently published by Oxford University Press Your use of the jStOR archive indicates your acceptance of JSTOR,'s Terms and Conditions of Use, available at http://www.jstor.org/about/terms.htmlJstOr'sTermsandConditionsofUseprovidesinpartthatunlessyou 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. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://wwwjstor.org/journ Each copy of any part of a STOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission jStOR is an independent not-for-profit organization dedicated to creating and preserving a digital archive of scholarly journals. For more information regarding JSTOR, please contact support @ jstor. org http://www」]stor.org Wed Apr2615:39:002006