Research and Education of Finance Using Virtual Financial Market

利用虚拟金融市场进行金融研究和教育

• 批准号: 11695020
• 负责人: ITOH Fumio
• 金额: $ 4.29万
• 依托单位: AOYAMA GAKUIN INIVERSITY
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (B)
• 财政年份: 1999
• 资助国家: 日本
• 起止时间: 1999 至 2001
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/en/grant/KAKENHI-PROJECT-11695020/
• 关键词: Financial Analysis and Security Trading (FAST) program; Virtual Financial Market; Experimental approaches in finance; Cyber-trading; Derivative transactions; Computational finance; Financial Technology; Financial Engineering

This research project is intended to promote and improve the Financial Analysis and Security Trading (FAST) program, which was developed in collaboration with Carnegie Mellon University. It also intends to develop a financial market simulation program.The research activities undertaken in 1999 include 1) developing a virtual financial market, 2) performing operational experiments on the virtual financial market, 3) installing information-related facilities on each campus, 4) researching experimental approaches in finance, and 5) investigating derivative transactions in financial markets of different countries. The Graduate School of International Management installed a 100M Ethernet and a network independent of the university's network. The latency and autonomy of the network ensured by this installation provided a more stable network environment for the project with Carnegie Mellon University. The collaboration with Carnegie Mellon helped verify some basic theories and hypotheses on f … More inance. More specifically, through simulating financial asset transactions in a virtual financial market, we affirmed that theories and actual transaction behavior are consistent in those cases where transactions are to maximize asset values, as well as those that deal with government bonds and discount bonds in a complete market. The participants in this simulation included actual equity traders from a number of different financial institutions.In 2000, the Ethernet network made it possible to create a Virtual Pacific Financial Market between Aoyama Gakuin University and Carnegie Mellon University. Through this collaboration, the courseware for FAST was developed. The FAST courseware was then used in the Virtual Asian Financial Market constructed between Aoyama Gakuin University and Fudan University in Shanghai. Furthermore, in order to expand the Virtual Asian Financial Market, we contracted the Applied Finance Center of Macquarie University, Sidney, Australia, in hope that it would improve FAST and conduct research on financial markets.In 2001 the network for cyber-trading was moved to the Internet, and the FAST courseware was made available online and downloadable from the GSIM's website. Also, using the Virtual Pacific Financial Market constructed between Aoyama Gakuin and Carnegie Mellon University, we examined the effectiveness of the courseware. We then applied these results to the construction of the Virtual Asia Financial Markets between Aoyama Gakuin University and Fudan University. We also transferred the cyber-trading system.As described above, from 1999 to 2001, we engaged in research projects concerning FAST in collaboration with Carnegie Mellon University and contributed to its improvement. The results we obtained contributed to the development of research and educational programs using FAST at Fudan University's School of Management. All these activities laid the foundation for the promotion of international research and education of finance in Aoyama Gakuin University and its partner universities overseas. Less

该研究项目旨在促进和改进与卡内基梅隆大学合作开发的财务分析和证券交易（FAST）计划。它还打算开发一个金融市场模拟程序。1999年开展的研究活动包括：1)开发虚拟金融市场；2)在虚拟金融市场上进行操作实验；3)在每个校园安装信息相关设施；4)研究金融实验方法；5)调查不同国家金融市场的衍生品交易。国际管理研究生院安装了一个100M以太网和一个独立于大学网络的网络。这种安装确保了网络的延迟性和自主性，为卡内基梅隆大学的项目提供了更稳定的网络环境。与卡耐基梅隆大学的合作帮助验证了一些关于金融的基本理论和假设。更具体地说，通过模拟虚拟金融市场中的金融资产交易，我们确认了在以资产价值最大化为交易目标的情况下，以及在完全市场中处理政府债券和贴现债券的情况下，理论和实际交易行为是一致的。这次模拟的参与者包括来自许多不同金融机构的实际股票交易员。2000年，以太网网络使青山学院大学和卡内基梅隆大学之间创建虚拟太平洋金融市场成为可能。通过这次合作，FAST的课件被开发出来。并将FAST课件应用于青山学院大学与上海复旦大学共同构建的虚拟亚洲金融市场。此外，为了拓展虚拟亚洲金融市场，我们签约了澳大利亚悉尼麦考瑞大学的应用金融中心，希望它能改进FAST并对金融市场进行研究。2001年，网络交易转移到互联网上，FAST课件在网上提供，并可从GSIM的网站下载。并以青山学院与美国卡耐基梅隆大学共同构建的虚拟太平洋金融市场为研究对象，检验课件的有效性。然后，我们将这些结果应用于青山学院大学与复旦大学之间的虚拟亚洲金融市场的构建。我们还转移了网络交易系统。如上所述，从1999年到2001年，我们与卡内基梅隆大学合作开展了FAST的研究项目，并为其改进做出了贡献。我们获得的结果有助于复旦大学管理学院使用FAST进行研究和教育项目的发展。所有这些活动为青山学院大学及其海外合作大学推动国际金融研究和教育奠定了基础。少