世界证券交易所网络的波动价格动态
Tremor price dynamics in the world's network of stock exchanges
摘要：
我们从地球构造板块运动的模型中获得了对世界证券交易所价格动态中压力的建立和释放的新理解。由于人类对大变化的反应不成比例的行为属性，非线性进入模型。这种非线性响应使我们能够将给定股票指数的价格变动分类为由于所讨论的国家的特定经济新闻而产生的，或者是由世界证券交易所的整体反应一起像一个复杂的系统。在结构上类似于金融学中的资本资产定价模型，该模型预测了个体证券交易所应该如何根据全球交易所市场的表现进行定价，但定价中包含了人类行为特征。该模型的一些假设是根据世界上24个主要证券交易所的经验数据验证的。我们展示了如何门槛效应可以导致同步的全球网络的证券交易所。
英文摘要：
We use insight from a model of earth tectonic plate movement to obtain a new understanding of the build up and release of stress in the price dynamics of the worlds stock exchanges. Nonlinearity enters the model due to a behavioral attribute of humans reacting disproportionately to big changes. This nonlinear response allows us to classify price movements of a given stock index as either being generated due to specific economic news for the country in question, or by the ensemble of the worlds stock exchanges reacting together like a complex system. Similar in structure to the Capital Asset Pricing Model in Finance, the model predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with human behavioral characteristics included in the pricing. A number of the models assumptions are validated against empirical data for 24 of the worlds leading stock exchanges. We show how treshold effects can lead to synchronization in the global network of stock exchanges.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
