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the collapse of Tokugawa Shogunate. It had already been shown that there existed the price mechanism in Dojima. However … unanswered. Before applying the empirical analyses, this paper first introduces the daily price index constructed from the … original historical document, "Yorozu Souba Nikki (Daily memorandum of commodity price indices)," written by the contemporary …
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This paper examines the institutional aspects of the Dojima rice exchange market. Especially, the role of governance mechanism was focused on. It is well known that the Dojima rice exchange market was established in 1730 in Osaka, and closed in 1869 due to the collapse of Tokugawa Shogunate. In...
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that restriction on trade of newly issued stocks in the old system caused the run-up in the stock price and that Livedoor …
Persistent link: https://www.econbiz.de/10009323619
This paper examines how the informational efficiency of the Japanese stock markets changed with the introduction of ETFs(Exchange-Traded Funds) by looking at the arbitrage relationships between cash and futures of the Nikkei225. This paper is unique in that it uses tick data, which enable me to...
Persistent link: https://www.econbiz.de/10005039676
This paper introduces probability which represents symmetry transaction pattern into Roll [1984] and shows that the second autocorrelation for stockfs return is not necessarily zero. Glosten/Harris [1988] considers trader who symmetrically trades as information trader. Then I examine the...
Persistent link: https://www.econbiz.de/10005773297