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Table 7 Expected total number of monthly increase and decrease in share prices.

From: Application of Markov chain to share price movement in Nigeria (1985–2019)

\({\varvec{n}}\)

\(\boldsymbol{\alpha }\)

\({\varvec{\beta}}\)

\(\boldsymbol{\alpha }+\boldsymbol{ }{\varvec{\beta}}\)

\({\mathbf{\alpha }}/{\mathbf{\alpha }} + \varvec{\beta}\)

\(\boldsymbol{n} \times {\raise0.7ex\hbox{$\boldsymbol{\alpha }$} \!\mathord{\left/ {\vphantom {\boldsymbol{\alpha } {\boldsymbol{\alpha } + ~\boldsymbol{\beta }}}}\right.\kern-\nulldelimiterspace} \!\lower0.7ex\hbox{${\boldsymbol{\alpha } + ~\boldsymbol{\beta }}$}}\)

\({\varvec{E}}\left({{\varvec{I}}}_{{\varvec{n}}}\right)\)

348

0.409

0.206

0.615

0.665041

231.434268

231.434

n

\({\varvec{E}}\left({{\varvec{I}}}_{{\varvec{n}}}\right)\)

n – E(In)

   

\({\varvec{E}}\left({{\varvec{D}}}_{{\varvec{n}}}\right)\)

348

231.434268

116.565732

   

116.566