Though the efficient market and random walk are closely related to each other, the gaining of risk free return (the result of risk free price change) indicated in efficient market needs to be compromised with random walk. Ohlson (1995) demonstrates the price change model, which illustrates that next period’s price change plus dividend is predictable with current price. According to Ohlson (1995), if the results of current price as an independent variable equals next period’s dividend, the next period’s price change is zero. This implies that a shareholder obtains risk free rate profit as indicated in efficient market and the next period’s price change (beyond dividend) is zero. In this context, Ohlson (1995) indicates that equity price change in efficient markets is independent as indicated in random walk, and the abnormal gain on the information associated with the historical equity prices seems not realistic.