涨跌幅度

涨跌幅度不同对投资者的交易行为产生影响。

The different extent of the price movement affect the investors ' trading action differently .

股票价格指数表明股市的价格水平及其涨跌幅度。

The stock price index indicates the price level and its rising and falling of stock market .

根据市场的规范和成熟程度，试着逐步放宽涨跌幅限制，真正让市场机制决定股价的涨跌幅度。

According to specifications and maturity of the market , gradual relaxation of price limits will let the Market mechanism to decide on share price range .

因此，本文以证券的涨跌幅度（证券价格变化）为中心事件，从过度反应检验入手来研究投资者的交易行为。

So , this paper define the extent of the price movement of the security as focus event , and discuss the investor behavior by the overreaction test .

闪电暴跌事件后，市场引入了“断路开关”机制，以扼制股价剧烈波动，使股价在5分钟内的涨跌幅度不超过10%。

Since the flash crash , the market has put in place circuit breakers , designed to limit wild swings in the price of stocks beyond a rise or fall of 10 per cent during a five minute period .

熔断与涨跌停板幅度由交易所设定，交易所可以根据市场风险状况调整期货合约的熔断与涨跌停板幅度。

The ranges of circuit breaker and up and down limit shall be decided by the exchange , and the exchange may adjust the ranges of circuit breaker and up and down limit of futures contracts according to market risk status .

市场中有限理性投资者占大多数，但并不能忽略噪音交易者的力量，其数量上在投资者总体中仍占有相当比重的条件下，涨跌幅限制幅度的大小对于过度波动程度的改变没有明显的差异。

While there are considerable but not a large number of noise traders , the existence of price limit institute has little influence on the degree of excess volatility .

涨跌停机制是对证券的每日最高和最低成交价，或每日最高涨跌幅度进行的限制，旨在降低股市波动，提高市场效率。

The price limiting mechanism ( PLM ) aims to limit the range of daily fluctuations of stock prices in order to reduce stock market fluctuation and enhance market efficiency .