| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2019: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2018: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Outline of Final Research Achievements |
Based on the recent development of information and other technologies in financial markets, I theoretically study the effect of advanced technologies (so called FinTech). Concretely, I focused on how we can explain the positive effect reported by empirical studies with mathematical models. To this end, I tried to construct a market microstructure model, which explicitly describes the trading system and the characteristics of market participants. During the research period, I showed that the effect may vary, depending on the order execution procedure employed in the market system.
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