【多选题】One way to test the hypothesis that stock prices follow a random walk is serial correlation. Which of the following sayings are right about Serial Correlation ?
A.
Serial Correlationis the correlation between the returns on two securities.
B.
A positive coefficient of serial correlation indicates a tendency toward continuation—a higher-than-average return today is likely to be followed by higher-than-average returns in the future.
C.
A negative coefficient of serial correlation indicates a tendency toward reversal—a higher-than-average return today is likely to be followed by lower-than-average returns in the future.
D.
Serial correlation coefficient for stock returns near zero would be consistent with market efficiency.