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...

This paper reports a survey result conducted in May 2012. We sent a questionnaire to 3,000 small and medium-sized enterprises (SMEs), whose main business sector is manufacture and which locate in Aichi Prefecture, one of the largest economic regions in Japan. 803 SMEs answered this...

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...