Analysis on Abnormal Fluctuation of the Chinese Stock Market in 2014-2015 Based on Studies on the Excessive Volatility and the Stock-Market Bubble
In view of the abnormal fluctuation of the Chinese stock market from July 2014 to 2015, this paper examines the stock market excessive volatility and the stock market bubble by analyzing the autocorrelation of return rate (reversal phenomenon), the Tobin Q coefficient and the bubble coefficient.The study founds that the phenomenon of excessive volatility has long been existing in the Chinese stock market, and the abnormal fluctuation in 2014-2015 accompanied by the accumulation and burst of stock market bubbles.This abnormal fluctuation is formed by both the long-term stock market volatility and the short-term accumulation of bubbles, should not be simply qualified as the stock market crash, its impact and related measures should also be considered from both long-term and short-term.
Stock market abnormal fluctuation Excessive volatility Autocorrelation Reversal phenomenon Bubble coefficient
DONG Liang ZHOU Ning
School of Economics and Management, Jiangsu University of Science and Technology, Zhenjiang ,China, 212000
国际会议
日本
英文
26-33
2017-07-01（万方平台首次上网日期，不代表论文的发表时间）