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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
Participants 36
Panelists Mr. Katsunari Yamaguchi PhD / CFA /CMA (President, Ibbotson Associates Japan, Inc.)
Organizer CFA Society Japan

Overview

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.