2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/208769In high-frequency financial data not only returns, but also waiting times between consecutive trades are random variables. Therefore, it is possible to apply continuous-time random walks (CTRWs) as phenomenological models of the high-frequency price dynamics. An empirical analysis performed on the 30 DJIA stocks shows that the waiting-time survival probability for high-frequency data is non-exponential. This fact sets limits for agent-based models of financial markets.8 pages, 1 figureStatistical MechanicsTrading and Market Microstructuretext