It is very difficult to discuss about changing financial market regulations and/or rules by only using results of empirical studies. An artificial market, which is a kind of an agent-based model, can isolate the pure contribution of changing the regulations to the price formation and can treat...

We explore how disclosure requirements that regulate the release of new information may affect the dynamics of financial markets. Our analysis is based on three agentbased financial market models that are able to produce realistic financial market dynamics. We discover that the average deviation...

We explore how disclosure requirements that regulate the release of new information may affect the dynamics of financial markets. Our analysis is based on three agent-based financial market models that are able to produce realistic financial market dynamics. We discover that the average...

Recent research has acknowledged the crucial role of financial intermediaries' balance sheet variables – namely, wealth and leverage – in the dynamics of asset prices. In this paper we use a prototypical “small-type” artificial financial market model with heterogeneous interacting...

Who should be charged with responsibility for an artificial intelligence performing market manipulation have been discussed. In this study, I constructed an artificial intelligence using a genetic algorithm that learns in an artificial market simulation, and investigated whether the artificial...

This note illustrates a simple but important insight for financial investment. In a heterogeneous agent-based evolutionary finance market model with long-lived assets, markets are stable if clients of fundamental ('value') investment funds are more patient than clients of other funds

The U.S. financial services industry grew from 4.9% of GDP in 1980 to 7.9% of GDP in 2007. A sizeable portion of the growth can be explained by rising asset management fees, which in turn were driven by increases in the valuation of tradable assets, particularly equity. Another important factor...

The papers included in this issue are selected from the 7th International Conference of the Financial Engineering and Banking Society (FEBS) organized by Strathclyde Business School during 1-3 June 2017. With circa 200 academics, practitioners and regulators participating as delegates from...

The Australian federal election cycle, which occurs every 3 years, causes much media attention and invokes much consternation regarding investment decisions in both the real economy and financial markets. This paper constructs measures of political uncertainty and formally explores their...

Interacting agents in finance represent a behavioral, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behavior in response...