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Split-share structure reform has been a focus since its implementation. It is of great significance in theory and practice to solve whether the circulation initiatives of 2/3 of the non-outstanding shares for listing companies are promoting the development of capital markets validity. By sampling A-share listed before December 31, 1996 in Shanghai stock market, this paper analyzes the simulation of...
Estimating the tail index of a heavy-tailed distribution depends on the choice of the number k of upper order statistics used in the estimation. In this paper, we reviewed estimating tail index of the heavy-tailed distribution historic course. We summarized selecting k from the heavy-tailed index to the research state and discussed the sum-plot method and bootstrap method of selecting k from heavy-tailed...
Research on the efficiency of the capital market can be traced to the work that Louis Bachelier, a French scholar, did in 1900. However, it has not been emphasized. Half a century later, Eugene F. Fama, a well-known American scholar, conducted the research again and published a paper entitled "The Behavior of Stock Market Price". Since then, the study on the efficiency of the capital market...
Stock market's wealth effect is-remarkable in developed country. In recent years, the question about stock market's wealth effect of China had become the focal thesis which many domestic and foreign scholars pay attention to. The conclusion of these researches is that stock market's wealth effect is faint from theory and demonstration in China, although development of stock market has more and more...
The chief aim of the present work is to investigate the features of multifractal structure of stock price index. It applies the multifractal detrended fluctuation analysis (MF-DFA) model to analyze the returns of both ShangHai synthesis stock price index (SHSSPI) and ShengZhen composite stock price index (SZCSPI). By calculating the generalized Hurst exponent h(q) and its function /spl tau/(q), the...
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