Exploring Contrarian Degree in the Trading Behavior of China's Stock Market

<p>Changes in average cash flows with an increase of <span class="nowrap"><svg height="11.439pt" id="M167" style="vertical-align:-2.15067pt" version="1.1" viewbox="-0.0498162 -9.28833 24.6052 11.439" width="24.6052pt" xmlns="http://www.w3.org/2000/svg"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M610 18C585 26 567 34 540 68C517 97 499 128 476 171C452 215 425 276 413 304C496 332 570 394 570 494C570 555 545 595 509 619S419 650 364 650H139L133 622C216 615 219 612 203 527L129 132C112 40 105 36 23 28L17 0H279L285 28C199 34 194 40 211 132L239 284H284C320 284 334 275 351 236C374 182 394 140 420 93C459 23 495 -1 592 -8H600L610 18ZM480 485C480 424 449 372 403 342C374 323 338 316 293 316H245L291 562C296 589 301 601 311 608S337 618 358 618C432 618 480 575 480 485Z"></path></g><g transform="matrix(.013,0,0,-0.013,8.151,0)"><path d="M368 703H309L44 -163H104L368 703Z"></path></g><g transform="matrix(.013,0,0,-0.013,13.512,0)"><path d="M822 650H589L583 622C660 617 677 607 674 561C672 534 664 481 647 390L600 137H596L273 650H126L120 622C176 620 194 615 207 594C221 571 225 557 214 504L161 257C141 166 129 112 121 85C108 42 83 30 29 28L23 0H260L266 28C193 33 173 42 176 89C178 122 186 172 202 255L256 527H259L583 -8H612L690 390C708 481 720 535 728 558C744 603 756 619 816 622L822 650Z"></path></g></svg>.</span> The four panels refer to China’s stock market in four different years, and each compares the average cash flows of contrarians and followers.</p>

Complexity

fig7

Figure 7

Figure 7: Exploring Contrarian Degree in the Trading Behavior of China's Stock Market 