An application of the renewal theoretic selection principle: The first divisible sum (Q1071404)

Let \(X_ 1,X_ 2,..\). be i.i.d. random variables and let \(S_ n\), \(n\geq 1\), denote their partial sums. Define \(N_ k\) to be the smallest n such that \(S_ n\) is divisible by k and set \(Z_ k=S_{N_ k}/k\). The author gives an explicit formula for the characteristic function of \(Z_ k\) and investigates the asymptotic behaviour of \(Z_ k\) as \(k\to \infty\). Further, the geometric distribution is characterized in terms of the distribution of \(Z_ k\).