This paper uses the multiple variance ratio test procedure developed by Chow and Denning (1993) to test for a random walk of stock returns on the Austrian Stock Exchange. I find that with daily data the test rejects the random walk hypothesis at all conventional significance levels for each and...

I analyze the skill structure of commuters in 15 EU countries. Theory suggests that higher returns to education in receiving regions and shorter commuting distances favor positive selection of commuters. Empirically all types of commuters in most EU countries are more skilled than non-commuters....