Recently, the value of intangible assets has become increasingly important in estimating the value of an enterprise. In the practical business of asset management, however, compared to the analysis of financial statements, relatively few opportunities exist to quantify intangible assets and thus...

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...

Designing a financial market that works well is very important for developing and maintaining an advanced economy, but is not easy because changing detailed rules, even ones that seem trivial, sometimes causes unexpected large impacts and side effects. A computer simulation using an agent-based...

The English version of this paper can be found at "http://ssrn.com/abstract=2710457" http://ssrn.com/abstract=2710457.Japanese Abstract:...

The Japanese version of this paper can be found at "http://ssrn.com/abstract=2710516" http://ssrn.com/abstract=2710516.Many macroeconomic study argued macroeconomic models should be aggregated by micro processes models ("micro-foundation") and many micro-founded macroeconomic models were built....

As there are many stock exchanges in the United States, investors can choose the exchange that suits their purpose and trade shares there. On the other hand, competition among stock exchanges to secure market participants is intensifying. Furthermore, some new exchanges are attempting to open in...