The Volume of Transactions And Price Changes on The New York Stock Exchange

摘要: ODFREY, GRANGER AND MORGENSTERN [3] and a G subset of these authors [4], purport to have shown that "stock price series the sales stock are wholly unrelated," [4, p. 251 and, in same vein, "no connection could be found between corresponding volume transactions series," [ 3, 1 ] . From results they infer it is doubtful whether "the application conventional demand supply theory would prove useful study market behavior," [3, 1]. If this inference legitimate indeed shatterin.g. Practically every elementary textbook economics unashamedly employs tools explain determination prices. This usually one first problems brought bear on. incapable elucidating behavior at loss imagine just what analytical devices good for. However, paper demonstrates conclusively Godfrey, Granger Morgenstern's not correct.