論中國(guó)A股市場(chǎng)的漲跌幅限制.pdf

1、復(fù)旦大學(xué)碩士學(xué)位論文論中國(guó)A股市場(chǎng)的漲跌幅限制姓名：王勇申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：數(shù)量經(jīng)濟(jì)指導(dǎo)教師：鄭祖康2001.5.1THESTUDYOFEFFECTSOFPIUCELDmTSoNCHINAA—STOCKMARKETABSTRACTUntilno、MwehavenotaeleRrversionontheefleetsofpricelimitsinfinancialmarketsPricelimitadvocateselaunthatp

2、ricelimitsdecreasestuckpricevolalilit3；counteroverreaetionanddonotmteeferewith廿adingactivityConverselypfi∞limitcriticsstatethatpricelimitscausehighervolatilitylevelsonsubsequentdays，preventpricesfromefficientlyreaching也e

3、irequilibriumlev吐andimposeconstraintsOntrading枷vi吼Still，empiricalr∞earehOnvariousmarketswithpricelimitsdoesnotprovideconclusivesupportforeitherpositionAccordingtothemarketperformancethefinancialmarketregulationinstitutio

4、nofChinas毗relativelyloosepricelimitsThefocusofthepaperisjusttostnaythereactionofAstockmarkettosuchloosepricelimitsFirstlywestudymarketefficiencyunderpricelimits，testingtheweakmarketefficiencyhypothesismtheperiodthat砸ccli

5、mitstookeffect塒也h岫frequencymadaunlyzingthebehaviorofstockretlEnbeforeandafterpricelimitstookeffectSecondkWeseparatetheinformationofpricelimitsfromhistoryofpriceorrdmtostudyloosepricelimitsThereactionofstockretmnandtradin

6、gvolumetosochinformationweretestedrespectivelyMorenvegwecoustauctaReturnAdjustTwoDaymodeltofurther0111“discussiononpricelimits’influenceontheadjustmentofstockrebJrnKeywords：pricelimits，marketefficienwdailyrellllrn，tradin