We propose an empirical behavioral order-driven(EBOD)model with price limit rules,which consists of an order placement process and an order cancellation process.All the ingredients of the model are determined based on...We propose an empirical behavioral order-driven(EBOD)model with price limit rules,which consists of an order placement process and an order cancellation process.All the ingredients of the model are determined based on the empirical microscopic regularities in the order flows of stocks traded on the Shenzhen Stock Exchange.The model can reproduce the main stylized facts in real markets.Computational experiments unveil that asymmetric setting of price limits will cause the stock price to diverge exponentially when the up price limit is higher than the down price limit and to vanish vice versa.We also find that asymmetric price limits have little influence on the correlation structure of the return series and the volatility series,but cause remarkable changes in the average returns and the tail exponents of returns.Our EBOD model provides a suitable computational experiment platform for academics,market participants,and policy makers.展开更多
The purpose of this assignment is to evaluate the course book New Headway intermediate students’book.The teaching context of using this book will be described clearly before discussing the syllabus terms and types wh...The purpose of this assignment is to evaluate the course book New Headway intermediate students’book.The teaching context of using this book will be described clearly before discussing the syllabus terms and types which are related to the course book.In addition,the selection and ordering of elements in this course book will be analyzed,the problems and solutions of using this book in teaching context will also be discussed.展开更多
基金This work was supported by the National Natural Science Foundation of China(Grants Nos.U1811462,71671066,and 71532009)the Fundamental Research Funds for the Central Universities.
文摘We propose an empirical behavioral order-driven(EBOD)model with price limit rules,which consists of an order placement process and an order cancellation process.All the ingredients of the model are determined based on the empirical microscopic regularities in the order flows of stocks traded on the Shenzhen Stock Exchange.The model can reproduce the main stylized facts in real markets.Computational experiments unveil that asymmetric setting of price limits will cause the stock price to diverge exponentially when the up price limit is higher than the down price limit and to vanish vice versa.We also find that asymmetric price limits have little influence on the correlation structure of the return series and the volatility series,but cause remarkable changes in the average returns and the tail exponents of returns.Our EBOD model provides a suitable computational experiment platform for academics,market participants,and policy makers.
文摘The purpose of this assignment is to evaluate the course book New Headway intermediate students’book.The teaching context of using this book will be described clearly before discussing the syllabus terms and types which are related to the course book.In addition,the selection and ordering of elements in this course book will be analyzed,the problems and solutions of using this book in teaching context will also be discussed.
