Abstract
The nineteenth-century French economist Jules Regnault has been reassessed as a pioneer of financial economics by Jovanovic and others. Although not as elaborate as Regnault’s model for the random nature of stock prices, there was a Japanese philosopher in the same century whose ideas resembled Fama’s hypothesis that all available information is reflected in market prices. His name was YAMAGATA Bantō. This paper clarifies his contribution to the early concept of the Efficient Market Hypothesis by analysing his discussion on information presented in his 1806 Great Knowledge.
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