outperforms the random walk in out-of-sample forecasting of twelve major currency pairs over the short and long horizon forecasts …

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 … walk hypothesis is not confirmed, this would mean that the war shock had at most a temporary effect on the city growth … process. Our main finding is that city growth in western Germany did not follow a random walk, while in eastern Germany it did …

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" …