{"id":"https://openalex.org/W2114697484","doi":"https://doi.org/10.2307/2330998","title":"The Behavior of Stock Returns: Is it Stationary of Evolutionary?","display_name":"The Behavior of Stock Returns: Is it Stationary of Evolutionary?","publication_year":1984,"publication_date":"1984-03-01","ids":{"openalex":"https://openalex.org/W2114697484","doi":"https://doi.org/10.2307/2330998","mag":"2114697484"},"language":"en","primary_location":{"id":"doi:10.2307/2330998","doi":"https://doi.org/10.2307/2330998","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2330998","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5111982576","display_name":"D. A. Hsu","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"D. A. Hsu","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5111982576"],"corresponding_institution_ids":[],"apc_list":{"value":3550,"currency":"USD","value_usd":3550},"apc_paid":null,"fwci":5.2091,"has_fulltext":false,"cited_by_count":26,"citation_normalized_percentile":{"value":0.95040151,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":95},"biblio":{"volume":"19","issue":"1","first_page":"11","last_page":"11"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6646000146865845,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.6646000146865845,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.2581000030040741,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.029200000688433647,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.9269999861717224},{"id":"https://openalex.org/keywords/stationarity","display_name":"stationarity","score":0.7680000066757202},{"id":"https://openalex.org/keywords/evolutionary-processes","display_name":"evolutionary processes","score":0.3269999921321869},{"id":"https://openalex.org/keywords/return-distribution","display_name":"return distribution","score":0.6110000014305115},{"id":"https://openalex.org/keywords/risk-measurement","display_name":"risk measurement","score":0.8029999732971191},{"id":"https://openalex.org/keywords/variance-estimation","display_name":"variance estimation","score":0.5529999732971191},{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.6660000085830688},{"id":"https://openalex.org/keywords/option-pricing-models","display_name":"option pricing models","score":0.7160000205039978}],"concepts":[{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6138405203819275},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.46526622772216797},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.34475165605545044},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3422483801841736},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3252415060997009},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.13601547479629517},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2307/2330998","doi":"https://doi.org/10.2307/2330998","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2330998","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":30,"referenced_works":["https://openalex.org/W204865844","https://openalex.org/W1561251353","https://openalex.org/W1970192323","https://openalex.org/W1973375051","https://openalex.org/W1976257361","https://openalex.org/W1984948669","https://openalex.org/W1991126896","https://openalex.org/W1994550451","https://openalex.org/W1998841904","https://openalex.org/W2011043606","https://openalex.org/W2037709285","https://openalex.org/W2064876323","https://openalex.org/W2064960231","https://openalex.org/W2070039399","https://openalex.org/W2076209196","https://openalex.org/W2077791698","https://openalex.org/W2088992973","https://openalex.org/W2090637028","https://openalex.org/W2109542379","https://openalex.org/W2113687945","https://openalex.org/W2131773668","https://openalex.org/W2140911506","https://openalex.org/W2157403008","https://openalex.org/W2169480381","https://openalex.org/W2170584503","https://openalex.org/W2331592359","https://openalex.org/W2764917663","https://openalex.org/W2798643531","https://openalex.org/W3123462387","https://openalex.org/W4244907415"],"related_works":["https://openalex.org/W6980184777","https://openalex.org/W2012126551","https://openalex.org/W7098225978","https://openalex.org/W1965319347","https://openalex.org/W2343539894","https://openalex.org/W2491969376","https://openalex.org/W1538391040","https://openalex.org/W1999051897","https://openalex.org/W2043293093","https://openalex.org/W2950598374"],"abstract_inverted_index":{"Empirical":[0],"studies":[1],"of":[2,5,16,25,28,41,53,60,72,79,86,101,108,131,138,154],"the":[3,14,23,26,39,49,54,69,77,84,97,106,136,144,147,152,155],"behavior":[4,19],"stock":[6,17,62,102,117,132],"returns":[7],"are":[8],"important":[9,113],"for":[10,68,116],"several":[11,112],"reasons.":[12],"First,":[13],"nature":[15],"return":[18,63,103,133],"is":[20],"fundamental":[21],"to":[22,83,92],"formulation":[24],"concept":[27],"\u201crisk\u201d":[29],"(or":[30],"\u201cuncertainty\u201d)":[31],"in":[32],"various":[33,66],"financial":[34,73,125],"theories":[35],"and":[36,56,76,105,122,151],"models.":[37],"Second,":[38],"measurement":[40],"risk":[42],"depends":[43,141],"heavily":[44],"on":[45,96,143],"properties":[46],"(such":[47],"as":[48],"stationarity,":[50],"long-tailedness,":[51],"finiteness":[52],"second":[55],"higher":[57],"moments,":[58],"etc.)":[59,150],"empirical":[61,70],"distributions.":[64],"Third,":[65],"tests":[67],"validity":[71],"models":[74,81,115,140],"[28]":[75],"applications":[78],"these":[80],"(e.g.,":[82,146],"evaluation":[85],"investment":[87],"performances":[88],"[21],":[89],"[22])":[90],"rely":[91],"a":[93],"considerable":[94],"extent":[95],"steadiness":[98],"over":[99],"time":[100],"distributions":[104],"constancy":[107],"systematic":[109],"risk.":[110],"Fourth,":[111],"pricing":[114],"options,":[118],"warrants,":[119],"convertible":[120],"debentures,":[121],"other":[123],"similar":[124],"instruments":[126],"usually":[127],"require":[128],"explicit":[129],"estimates":[130],"variances":[134],"[5];":[135],"usefulness":[137],"such":[139],"largely":[142],"adequacy":[145],"finiteness,":[148],"accuracy,":[149],"stationarity":[153],"variance":[156],"measurements.":[157]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-09-26T08:19:03.415552","created_date":"2016-06-24T00:00:00"}
