Paper Title
Empirical Study of Volatility based on Robust Volatility Ratio

Abstract
The volatility behavior of asset returns helps an investor to make better decisions with regards to his investment in the financial market. That is if the movement of asset returns is efficient, in other words if it follows the random walk behavior, we can say that there will not be any possibility for an informed investor to gain abnormal profits when compared to an uninformed investor. In order to understand the volatility behavior of asset returns, we have come up with a specification statistic named as Robust Volatility Ratio. We have empirically found the evidence of random walk behavior. Keywords - Volatility modeling, Extreme Value Estimators, Volatility Ratio.