The Random Character of Stock Market Prices

edited by Paul H. Cootner 

First edition.  Cambridge MA:  The M.I.T. Press, 1964  

Hardback is overall in VERY GOOD+ condition, with a GOOD DJ behind Mylar.

• Tan covers are mostly clean, with black text at spine.  Corners are sharp.
• Spine has black text and is bright with bumped ends.  See photos.
• Binding is tight.  
• End papers/ pastedowns show little to no sign of age or wear.
• Interior exhibits a little marginal toning.  Inside pages are free of writing and intentional marks.
• Text block edges have a few marks.  
• DJ looks nice behind Mylar and is backed with archival paper.
• DJ has some edgewear, chipped corners, closed tears and small chips along head edge, bumping and closed tears along foot edge, some soiling to back, a stain to the front.  See photos. 
• PS2026.0513

510 pages. 6 x 9.25 inches

First Edition.  Publisher's beige-gray boards with original unclipped black and white dust jacket.  Binding is tight and square.  Unmarked, a few faint marks to text block edges.  Jacket, preserved behind Mylar, shows some edgewear, a ring stain to front cover, some soiling to the back cover.  Condition is overall VG+ with a Good dust jacket.  Scarce first edition in unclipped jacket. 

This foundational book in financial econometrics compiles key research on the random walk theory, suggesting stock price changes are unpredictable and best modeled by probability and statistics, like Brownian motion, rather than historical patterns.  Its papers explore the statistical properties of stock prices and their implications for financial instruments like options.  Contents include papers by Louis Bachelier, M.G. Kendall, M.F.M. Osborne, Holbrook Working, Alfred Cowles, Arnold B. Moore, Sidney S. Alexander, Arnold B. Larson, William Steiger, Eugene F. Fama, Benoit Mandelbrot, Richard J. Kruizenga, Case M. Sprenkle, A. James Boness, and Herbert F. Ayres. 

The editor is Paul H. Cootner (1930-1978), a financial economist.  He received his Ph.D. in industrial economics from MIT in 1953 and joined the finance faculty of the MIT Sloan School of Management in 1959.  Cootner's work on the "random walk" theory of securities prices led to the 1964 publication of his groundbreaking book.   

Please see photos. More photos available upon request.

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