We analyze the data of the Italian and U.S. futures on the stock markets and we test the validity of the Continuous Time Random Walk assumption for the survival probability of the returns time series via a renewal aging experiment. We also study the survival probability of returns sign and apply a coarse graining procedure to reveal the renewal aspects of the process underlying its dynamics.

The prosperity of the Chinese financial market and the development of financial information technology have given rise to a new occupation, “online financial marketing”. However, in our higher education, no special course system for “online financial marketing” has been set up, and our vocational education also lacks a set of scientific vocational qualification standard for “online financial ma...

The presence of stock market efficiency is a distinctive characteristic of the effectively functioning market economy. Investigation of the market efficiency of seven emerging East-European stock exchanges is carried out as their major stock indices (BELEX15, BET, CROBEX, ISE100, PFTS, RTSI, SOFIX) are studied in respect of long-range dependence (LRD), persistency, and forecasting possibili...

The formula of Black and Scholes for the valuation of options has led to the great development of mathematical finance. Mathematical finance is attracting more and more attention of researchers. Some useful work has been done, but the majority of discussions are based on perfect markets. A perfect market includes the following conditions: (1) many buyers; (2) many sellers; (3) individual trades...

This paper tests for and estimates relationships among inflation, financial market development (FMD), and growth. This trivariate relationship changes across a statistically robust inflation threshold of about 14%. Below 14%, the relationship between growth and FMD is positive; above 14%, the relationship between growth and inflation is negative. The interaction between FMD and inflation has a ...

This paper uses the development of multi-agent market models to present a unified approach to the joint questions of how financial market movements may be simulated, predicted, and hedged against. We first present the results of agent-based market simulations in which traders equipped with simple buy/sell strategies and limited information compete in speculatory trading. We examine the effect o...