测量股票交易中的信息含量

被引:7
作者
王春峰
王燕
机构
[1] 天津大学管理学院
[2] 天津大学管理学院 天津
基金
国家杰出青年科学基金;
关键词
指令驱动市场; 不对称信息; 交易; 报价调整;
D O I
10.13587/j.cnki.jieem.2004.03.009
中图分类号
F830.91 [证券市场];
学科分类号
1201 ; 020204 ;
摘要
影响证券价格的主要因素是不对称信息和投资者的流动性需求。通过交易对价格影响的持续程度可以区分流动性和不对称信息对价格的影响。流动性的影响是短暂的,而不对称信息对价格的影响则是持久的。本文利用交易和报价调整的向量自回归(VAR)模型分析了交易对报价调整的影响,从而考察了在我国股票市场上不对称信息对价格的影响。
引用
收藏
页码:42 / 46
页数:5
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