This paper proposes an equilibrium model for evaluating equity with optimal dividend policy in a jump-diffusion market. In this model, a representative investor having power utility over an aggregate consumption process evaluates the equity as the expected value of the discounted dividends with...

This paper examines the behavior of the market equilibrium in an endowment economy in continuous time, in which a representative investor with exponential utility consumes the dividends generated by multiple risky assets. The dividends are assumed to be mutually independent and belong to a class...

In this study, we investigate ordering patterns of different types of market participants in Tokyo Stock Exchange (TSE) by examining order records of the listed stocks. Firstly, we categorize the virtual servers in the trading system of TSE, each of which is linked to a single trading...