摘要
以中国证监会对股票价格操纵的处罚决定为依据,以国内证券市场发生的价格操纵股票为样本,以股票的日收益率、换手率、波动性等市场反映指标为研究变量,对操纵特征进行了实证研究。发现操纵对象在操纵期间,日收益率和换手率上具有明显地放大。
Based on the punishment information of China Securities Regulatory Commission on Stock-price manipulation, The market＇s reaction characteristics is studied, mainly including return rate, turn over rate, volatility, and show that during the manipulation period. The return rate is higher that the pre-manipulation period and the post-manipulation period.
出处
《科学技术与工程》
2009年第18期5624-5626,共3页
Science Technology and Engineering
关键词
股价操纵
收益率
换手率
波动性
stock price manipulation return rate turn over rate volatility
