An Experimental Study on Relationship between Position and Price
This paper applies new experimental methods of behavioral finance to look into the relationship between the position degree and stock price fluctuation. Four test experiments were conducted and the subjects were college students. The experiment was based on our patented platform with independent price match system. We exploited the previously designed experiment strategy whereby the stock price trend can be manipulated by the controlling account (which has ample assets). While doing this, the changes on asset composition and traders behavior were recorded. After the analysis of subjects transaction data, the following conclusions were drawn: 1) There is a positive correlation between stock price and empty position proportion, a negative correlation between stock price and full position proportion in the experiment; 2) There is a stabilized long-term linear relationship between stock price and empty/full position proportion respectively. In addition, the stock price is of one stage self correlation. 3) Resistance forces of price rising and decline vary dramatically. A large cash inflow is needed when the special account raise the stock price while a small cash inflow can pull the price down.
Experimental economics Stock auto-match system Slock mock trading platform Slock holding degree
Limin Wang Wenchao Huang Bin Sun Jiqiu Zou Ying Bao
School of Economics and Management, University of Science and Technology Beijing, Beijing, China School of International Management, University of Le Havre, Le Havre, 76600, France
国际会议
成都
英文
1591-1594
2010-12-17（万方平台首次上网日期，不代表论文的发表时间）