Un  paseo aleatorio en la bolsa de valores de Panamá

Leonel Antonio Castillo Poveda

doi:10.48204/j.tecno.v27n1.a6642

Submitted December 27, 2024

Published 2025-01-03

Artículos

Vol. 27 No. 1 (2025): Tecnociencia

A random walk in the Panamanian stock market

Leonel Antonio Castillo Poveda ⁺⁻

DOI https://doi.org/10.48204/j.tecno.v27n1.a6642

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References

DOI: 10.48204/j.tecno.v27n1.a6642

Published: 2025-01-03

How to Cite

Castillo Poveda , L. A. (2025) “A random walk in the Panamanian stock market”, Tecnociencia, 27(1), pp. 145–157. doi: 10.48204/j.tecno.v27n1.a6642.

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Abstract

Stock markets have been the object of intense study by mathematicians, statisticians, and economists since the twentieth century, in large part motivated by the benefits one would obtain from deciphering their patterns. One of the main prevalent theories today, and the first to ever be proposed in mathematical language, asserts that market returns are completely random and with finite volatility. On top of having plenty of empirical evidence, these ideas are also popular for simplifying important tasks such as portfolio construction and risk management. This paper puts this theory to the test using the Panamanian stock market, which has never been included in previous studies of these concepts. The results show that the Panamanian stock market is indistinguishable from a random walk for certain holding periods, but in the very short term presents evidence of mean reversion.

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