Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit ...

Consider the number of steps needed by algorithms to locate the minimum of functions defined on the d-cube, where the functions are known to have no local minima except the global minimum. Regard this ...

In this article, the random-walk theory of stock-price behavior is tested empirically in relation to a number of decision rules based upon past stock-price movements. A random sample of thirty stocks ...