China’s foreign trade operation situation According to the statistics collected by Customs,in January-October 2017,China’s total import and export value reached RMB 22.52 trillion,with an increase of 15.9%year on ye...China’s foreign trade operation situation According to the statistics collected by Customs,in January-October 2017,China’s total import and export value reached RMB 22.52 trillion,with an increase of 15.9%year on year.In this,exports reached RMB 12.41 trillion,with an increase of 11.7%,and imports reached RMB 10.11 trillion,with an increase of 21.5%.The surplus was RMB 2.29 trillion,down by 17.8%.In terms of commodity structure,展开更多
The paper investigates the positive feedback trading phenomenon of individual stocks in China’s stock market.Heterogeneous regression models and a non-parametric Sentana-Wadhwani model are developed and applied to pr...The paper investigates the positive feedback trading phenomenon of individual stocks in China’s stock market.Heterogeneous regression models and a non-parametric Sentana-Wadhwani model are developed and applied to prove the existence of rise-favor asymmetric feedback trading.This result is consistent with the reality of China’s stock market,that is,the herding behavior of irrational retail investors has a significant influence on the market.However,the result is in contrast with the stylized findings using market indices.Further empirical research shows that this distinction could be explained by the average effect of indices.The asymmetries of positive feedback trading caused by heterogeneous feedback trading and the uneven distributed retail trading in individual stocks,are covered by the weighted average effect in indices.Therefore,the indices exhibit a different asymmetric pattern from that of individual stocks.展开更多
文摘China’s foreign trade operation situation According to the statistics collected by Customs,in January-October 2017,China’s total import and export value reached RMB 22.52 trillion,with an increase of 15.9%year on year.In this,exports reached RMB 12.41 trillion,with an increase of 11.7%,and imports reached RMB 10.11 trillion,with an increase of 21.5%.The surplus was RMB 2.29 trillion,down by 17.8%.In terms of commodity structure,
基金supported by the National Natural Science Funds with Grant numbers(71431008,71532013,71528001 and 71501170)Zhejiang Provincial National Science Funds(No.LQ16G010001)Zhejiang Provincial Key Research Base for Humanities and Social Science Research(Applied Economics in Zhejiang Gongshang University).
文摘The paper investigates the positive feedback trading phenomenon of individual stocks in China’s stock market.Heterogeneous regression models and a non-parametric Sentana-Wadhwani model are developed and applied to prove the existence of rise-favor asymmetric feedback trading.This result is consistent with the reality of China’s stock market,that is,the herding behavior of irrational retail investors has a significant influence on the market.However,the result is in contrast with the stylized findings using market indices.Further empirical research shows that this distinction could be explained by the average effect of indices.The asymmetries of positive feedback trading caused by heterogeneous feedback trading and the uneven distributed retail trading in individual stocks,are covered by the weighted average effect in indices.Therefore,the indices exhibit a different asymmetric pattern from that of individual stocks.
