The backbone of financial risk modeling in finance over a long time period of more than a century, the random walk … the random walk model in finance by introducing a new way of describing what a random walk is, based on the Lévy measure …

Conventional explanations of the near random walk behavior of real exchange rates rely on near random walk behavior in … (near) random walk implications of the model for the real exchange rate are in stark contrast to the empirical predictions …

German city growth and the resulting city size distribution. If city growth follows a random walk this would imply that the … process. Our main finding is that city growth in western Germany did not follow a random walk, while in eastern Germany it did … war shock had a permanent impact on German city growth. If, however, as a second group of theories predicts, the random …

random walk process. Large departures from fundamentals, in contrast, imply mean-reverting behavior toward fundamentals …. Moreover, the predictability of the nominal exchange rate relative to the random walk benchmark tends to improve at longer …

review of literature is on the "Random Walk Hypothesis" …