Abstract
In this paper we quantitatively investigate the statistical properties of an ensemble of {\it stock prices}. We selected 1200 stocks traded in the Tokyo Stock Exchange and formed a statistical ensemble of daily stock prices for each trading day in the 5 year period from January 4, 1988 to December 30, 1992. We found that the tail of the complementary cumulative distribution function of the ensembles is accurately described by a power-law distribution with an exponent that moves in the range of .
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