- EVENTS & SEMINARS
- CFA Japan Seminar : Back to the Futures Analysis of the Rice Futures Market in 18th century at Dojima (Osaka, Japan)
CFA Japan Seminar : Back to the Futures Analysis of the Rice Futures Market in 18th century at Dojima (Osaka, Japan)
|Dates||Tue. April 16, 2013||Time||19:00 - 20:30|
|Targets||CFA Society of Japan Members / Candidate Members / CFA Candidates / All others|
|Panelists||Mr. Katsunari Yamaguchi PhD / CFA /CMA (President, Ibbotson Associates Japan, Inc.)|
|Organizer||CFA Society Japan|
The rice market operating at Dojima, Osaka in Edo-period was the first organized futures market in human history. Without computers and finance theories, we wonder if futures prices were reasonably formed in the 18th century.
Part I of this study analyses risk and return of rice market in Edo-period, based on the theory of commodity futures pricing originated by J.M. Keynes.
Part II will review the investment philosophy of Sokyu Homma, the legendary speculator in those days, from the viewpoint of behavioral finance.