This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit predictable patterns. We demonstrate that exchange rates can possess a unit root ...

The key idea is that the hitting times of the random walk provide a random function for which no algorithm can locate the minimum within 2 d (1/2 - ε) steps. The purpose of The Annals of Probability ...

Random walk rules have clear advantages: they are simple to implement, and finite and asymptotic distribution theory is completely worked out. For a specific random walk rule, we compute finite and ...

The random walk theory suggests that asset prices, including in the cryptocurrency market, move randomly and unpredictably.

Random walk theory suggests that changes in stock prices have the same distribution and are independent of each other.

Random walk theory suggests that stock prices move randomly and are unpredictable, challenging traditional analysis methods. It encourages a passive, diversified investment approach.