{"title":"Earnings changes: A random walk? Some South African evidence","authors":"W. Hamman, A. Jordaan, E. Smit","doi":"10.1080/10293523.1995.11082348","DOIUrl":null,"url":null,"abstract":"The article examines the concept of earnings changes as a random walk for industrial companies listed on the Johannesburg Stock Exchange. The results overwhelmingly support the hypothesis of higgledy piggledy growth using three different test procedures. There is some suggestion that investors can, on the average, identify companies with the highest growth potential.","PeriodicalId":126195,"journal":{"name":"The Investment Analysts Journal","volume":"207 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1995-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Investment Analysts Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/10293523.1995.11082348","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 3
Abstract
The article examines the concept of earnings changes as a random walk for industrial companies listed on the Johannesburg Stock Exchange. The results overwhelmingly support the hypothesis of higgledy piggledy growth using three different test procedures. There is some suggestion that investors can, on the average, identify companies with the highest growth potential.
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