serial variance 中文意思是什麼
serial variance
解釋
系列變異-
We analyse the dispersion of stock returns and have the tests of serial correlation. the results show that the trading mechanism has a significant effect on a number of characteristics of stock returns. first, the distribution of open - to - open returns has greater variance than that of close - to - close returns. second. the serial correlation pattern is quite different in the two return series. the open - to - open returns have negative autocorrelation coefficient, but the close - to - close returns is positive. further, employing an arma ( 1, 1 ) model we find that in the opening. returns exhibit higher residual noise and stronger dependence on past returns, reflecting stronger deviations from the random - walk form of the market efficiency hypothesis
主要表現為：一，開盤收益序列比收盤收益序列具有更大的方差。二，兩種收益序列的序列相關形式不同，開盤收益序列表現為負相關，而收盤收益序列表現為正相關。而且我們通過arma （ 1 ， 1 ）模型的進一步檢驗，發現開盤收益序列比收盤收益序列具有更大的殘差，更依賴于過去的收益序列，也更偏離於市場有效的隨機遊走形式的假設。 -
We empirically test the return serial correlation of shanghai stock market under the vr ( variance ratio ) test framework. we suggest that the test results of index and individual stocks are consistent with the exist results. the index return is positive serial correlation and individual stocks returns are weakly negative serial correlation
2 .我們使用高頻交易數據，在方差比檢驗的框架下檢驗了上海證券市場收益率的序列相關性，我們發現在市場指數和個股樣本方面的檢驗結果與以往的研究結果存在一致性，即指數收益率存在正序列相關性，而個股收益率存在弱負序列相關性。 -
For example, w. rostow considered that the growth of economy was aroused by leading industry, and industrial structure took a very important role in the economy growth ; h. chenery considered that industrial structure and economy growth had a bidirectional causal relation ; however, the most influencing theory was brought forward by s ? kuznets, who considered that it was economic growth which caused the variance of industrial structure advancement, etc. according to cointegration theory and granger causality theory, this paper, based on the summary of multitudinous scholars ’ research literature, carries a positive analysis to the relationship between industrial structure and economic growth, using the time serial data from 1978 to 2003 by
分析結果驗證了配第?克拉克定律的正確性即經濟的增長是就業人口向第三產業轉移的原因，但卻否認了庫茲涅茨的收入決定論，即至少在我國，產業結構的演進是經濟增長的原因而不是相反。同時，本文還原創性地論證了，我國的經濟增長與產業結構之間存在惟一的動態均衡關系即協整關系，產業結構與經濟增長之間短期波動與長期均衡關系存在於根據協整方程建立的向量誤差修正模型之中。
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