random walk theory

Japanese translation: ランダム・ウォーク理論

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00:55 Oct 19, 2020
English to Japanese 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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Japanese translation:ランダム・ウォーク理論
Selected response from:

Haruto Takashima
Grading comment
4 KudoZ points were awarded for this answer

Summary of translations provided
5 +2ランダム・ウォーク理論
Haruto Takashima


Translations offered

3 days 11 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +2

Definition from 野村證券 証券用語解説集:

Example sentence(s):
  • 数学的に厳密なランダム・ウォークであれば長期的にも上昇と下降の可能性は同じになり、株式投資は値上がり益が期待できないことになるが、株価における<b>ランダム・ウォーク理論</b>は、(著名なランダム・ウォーク論者である:バートン・マルキール(英語版)の論を含めて)長期的には株価は上昇する可能性の方が高いことを前提としており、インデックスファンド投資への理論武装として語られるのが一般的である。 - Wikipedia  

Haruto Takashima
Local time: 09:07
Native speaker of: Native in JapaneseJapanese
PRO pts in category: 4

Votes in favor of/against selecting this as the best translation of the term asked
Yes  Minoru Kuwahara
5 hrs

Yes  Yasutomo Kanazawa
17 hrs
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