Question: The statement that stock prices do NOT follow a random walk implies that (I) successive price changes are independent of each other; (II) successive price

The statement that stock prices do NOT follow a random walk implies that (I) successive price changes are independent of each other; (II) successive price changes are positively related; (III) successive price changes are negatively related; (IV) the autocorrelation coefficient is zero

(I) and (IV) only

(II) or (III)

(III) only

(II) only

(I) only

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