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Bankruptcy is an inevitable fate of repeated investments with leverage
http://hdl.handle.net/10069/39470
http://hdl.handle.net/10069/3947057fb9fc0-3332-4780-9b73-6000c27caa50
名前 / ファイル | ライセンス | アクション |
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SciRep9_13745.pdf (941.7 kB)
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Item type | 学術雑誌論文 / Journal Article(1) | |||||
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公開日 | 2019-10-11 | |||||
タイトル | ||||||
タイトル | Bankruptcy is an inevitable fate of repeated investments with leverage | |||||
言語 | ||||||
言語 | eng | |||||
資源タイプ | ||||||
資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
資源タイプ | journal article | |||||
著者 |
Nii, Momoka
× Nii, Momoka× Okabe, Takuya× Ito, Hiromu× Morita, Satoru× Yasuda, Yosuke× Yoshimura, Jin |
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抄録 | ||||||
内容記述タイプ | Abstract | |||||
内容記述 | Due to the globalization and computerization of financial and economic activities, numerous repetitive leveraged investments have become possible in stock markets and currency exchanges. In reality, repeated leveraged investments up to 100 times/day are possible via online access. With computer-aided programs, this repetition number may easily increase 1000 times/day. The possibility of bankruptcy in repeated leveraged investments has never been considered in actual practices because the probability of bankruptcy in a single investment trial is almost negligible. Here, we show that the extremely numerous repetitions have a considerable chance of bankruptcy overall, even if the probability of bankruptcy for a single investment is extremely close to zero. The exact relationship between the repetitions and the probability of bankruptcy is approximated well by n(0.63)?=?m, where 10n is the number of repetitions, 10-m is the bankruptcy probability of a single investment, and n(0.63) is the 63% chance of bankruptcy. Thus, extremely rare events can always lead to bankruptcy in continuously repeated investment, even if the possibility of such an event is almost null. We suggest that the avoidance measure of bankruptcy is necessary in numerous repeated investments even if a single trial is almost certain to win. | |||||
書誌情報 |
Scientific Reports 巻 9, 号 1, p. 13745, 発行日 2019-09-24 |
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出版者 | ||||||
出版者 | Springer Nature | |||||
EISSN | ||||||
収録物識別子タイプ | ISSN | |||||
収録物識別子 | 20452322 | |||||
DOI | ||||||
関連タイプ | isIdenticalTo | |||||
識別子タイプ | DOI | |||||
関連識別子 | 10.1038/s41598-019-50237-6 | |||||
権利 | ||||||
権利情報 | c The Author(s) 2019 This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons license,unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/. | |||||
著者版フラグ | ||||||
出版タイプ | VoR | |||||
出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
引用 | ||||||
内容記述タイプ | Other | |||||
内容記述 | Scientific reports, 9(1), 13745; 2019 |