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《Securities Market Herald》 2014-12
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Microscopic Research on the Macro-stability Mechanism of Stock Index Futures: the Empirical Analysis of HS300 Stock Index Futures' Inhibition on Positive Feedback Trading

Cai Xianghui;Liu Feng;  
HS300 stock index futures help improving the macro-stability of stock markets after its launching half and three years ago, and its micro-behavioral effect is reducing the impact of positive feedback trading on stock markets. Empirical analysis shows that HS300 stock index futures can inhibit the tendency of positive feedback trading, and this is consistent with the results of other 16 stock index futures` effects in other 13 international markets. Also, this paper summarizes its 5 function mechanism and gives the suggestion to improve the stability of local stock markets.
【Key Words】: stock index futures positive feedback trading arbitrage macroeconomic stability mechanism
【CateGory Index】: F224;F724.5
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【Citations】
Chinese Journal Full-text Database 6 Hits
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Chinese Journal Full-text Database 10 Hits
1 CAI Xiang-hui YANG Jia-wen(Fudan University,Shanghai 200433);Stock Index Futures′ Effect on Spot Markets′ Stabilization:an Empirical Study on Global Main Markets by Three Criterions[J];Finance and Trade Research;2010-03
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