Do stock returns follow random walks? - Variance ratio test (Excel)

Do stock returns follow random walks? One of the clever statistical procedures - the variance ratio test - that have been developed by Lo and Mackinlay in 1988 applies the logic of variance scaling to test that. Today we are discussing the variance ratio test and its applications to real world data using Excel. Don't forget to subscribe to NEDL and give this video a thumbs up for more videos in Finance! Please consider supporting NEDL on Patreon:   / nedleducation