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ID:454601
大小:75.00 KB
页数:8页
时间:2017-08-04
《股指期货对韩国股票市场的影响【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译原文TheimpactofstockindexfuturesontheKoreanstockmarketMaterialSource:http://web.ebscohost.com/ehost/pdfviewer/pdfviewer?hid=15&sid=6d323da0-58fb-47c7-8da9-3208cc81ed87%40sessionmgr14&vid=8Author:HYUN-JUNGRYOOandGRAHAMSMITHThisarticleinvestigatestheimpac
2、tonthespotmarketoftradinginKOSPI200futures.Empiricalresultsshowthatfutures’tradingincreasesthespeedatwhichinformationisimpoundedintospotmarketprices,reducesthepersistenceofinformationandincreasesspotmarketvolatility.Thespotandfuturespricesarecointegrateda
3、ndthereisbidirectionalcausalitybetweenthetwomarkets.Thelead-lagrelationisasymmetricwithweakerevidencethatthespotindexleadsfuturesandstrongerevidencethatthestockindexfuturesmarketleadsthespotmarket.Tradinginthesestockindexfutureshasgrownremarkably.Stockind
4、exfuturesareperceivedasoneofthemostsuccessfulfinancialinnovationsofthe1980s.TradinginthemwasfirstintroducedinFebruary1982bytheKansasCityBoardofTradeintheUSAandotherdevelopedmarketssoonfollowed.Incontrast,muchofthefuturestradinginemergingmarketsarearelativ
5、elyrecentphenomenon.AlthoughKoreaisoneofthefastestgrowingemergingmarkets,itwasnotuntil3May1996thatafuturescontractbasedontheKoreaStockPriceIndex200(KOSPI200)wasintroducedontheKoreaStockExchange(KSE).Tradinginthesestockindexfutureshasgrownremarkably.Bythee
6、ndof1998,averagedailytradingvolumewas61279contracts(value1.39millionwons).AccordingtotheFIBV(1999),byDecember1998thestockindexfuturesmarketinKoreahadbecomethesecondlargestintheworldintermsoftradingvolume,aftertheChicagoMercantileExchange(CME).Theimpactofd
7、erivativetradingonspotpricevolatilityhasbeenwidelyinvestigatedfordevelopedmarkets.Forstockindexfutures,researchhasfocusedoncomparingspotpricevolatilityinperiodsbeforeandaftertheintroductionoffutures(forexampleEdwards,1988;Harris,1989;AntoniouandHolmes,199
8、5).Inparticular,oneoftheprimaryconcernsofpreviousstudieshasbeentheissueofwhetherfutures’tradingdestabilizestheunderlyingspotmarket.Althoughsomestudiesfindincreasedvolatility,theweightoftheempiricalevidenceshowsnoinc
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