Table 1: Statistical characteristics of shanghai composite index returns.

Statistical indicatorsValue

Mean0.002
Maximum0.149
Minimum−0.138
Standard deviation0.035
Skewness0.194
Kurtosis4.570
J-B statistic76.36 (0.000)
ADF test−13.030 (0.000)
L-B Q(5)14.006 (0.016)
L-B Q(10)22.238 (0.014)