عدم تقارن تغییر خلاف جهت در بازار مالی چین

با سلام هزینه ترجمه این متن حداقل 100000 تومان می باشد. ما با حداقل هزینه آن را در اختیار شما قرار داده ایم.  We investigate the intraday return–volatility correlation in Chinese financial market with high-frequency transaction data of individual stocks. In contrast to the widely accepted theory of volatility asymmetry (i.e. negative returns induce higher price volatilities than positive ones), we show that the price volatilities in Chinese market react more intensively to positive returns than their reaction to negative returns. This reverse volatility asymmetry is mainly due to the higher trading volume associated with positive returns, that is, in Chinese market the investors’ rushing for a price rising stock makes the positive returns arouse higher volatility than their negative counterparts. So in an average sense, a positive return–volatility correlation is observed for most of the individual stocks in our sample. Besides, price jumps play an important role …