摘要
本文利用买卖失衡率指标来衡量交易型市场操纵,并建立了一个收盘价操纵的检验模型。实证研究结果表明,沪市收盘时段的股价操纵现象显著多于非收盘时段,从而证实了收盘价被操纵。
By employing trade imbalance as an indicator of stock price manipulation, this paper develops a closing-price manipulation test model. Based on an empirical test on Shanghai Stock Exchange by using this model, this paper shows that the closing-stock price is being manipulated as there are remarkably more price manipulations in the closing period than in other periods.
出处
《南方金融》
北大核心
2010年第5期52-54,65,共4页
South China Finance
关键词
收盘价
市场操纵
买卖失衡率
Closing Price
Market Manipulation
Trade Imbalance