Past behavioral research has provided evidence that fund investors have the ability to predict fund performance, called the smart money effect. In this study we examine whether the smart money effect exists in the Taiwanese mutual fund market. Specifically, we investigate whether the smart money...

In reinforcement learning, an agent interacts with its environment to act according to a policy in accordance with the observation state; these are executed based on a class of neural networks. In the interaction between states and actions, the series of decision sequences are often described...