Quantifying the Cross-Correlations between Online Market Participation Willingness and Stock Market Dynamics

Table 4

Results of the MF-DCCA scaling exponent for Chinese stock market returns.


	SME-YSI	SSE50-YSI	CSI300-YSI	GME-YSI

−10	0.696	0.716	0.717	0.763
−9	0.686	0.707	0.706	0.753
−8	0.674	0.696	0.694	0.741
−7	0.659	0.683	0.679	0.727
−6	0.643	0.668	0.662	0.709
−5	0.622	0.651	0.642	0.688
−4	0.598	0.632	0.620	0.663
−3	0.572	0.613	0.598	0.633
−2	0.547	0.597	0.580	0.599
−1	0.527	0.589	0.573	0.563
0	0.515	0.587	0.575	0.527
	0.181	0.129	0.142	0.236
1	0.499	0.578	0.573	0.491
2	0.486	0.552	0.553	0.457
3	0.471	0.517	0.522	0.424
4	0.454	0.480	0.489	0.395
5	0.439	0.448	0.460	0.370
6	0.426	0.421	0.436	0.349
7	0.414	0.398	0.416	0.331
8	0.404	0.381	0.400	0.316
9	0.395	0.366	0.388	0.304
10	0.383	0.354	0.377	0.294
	0.116	0.224	0.196	0.197

This table reports the MF-DCCA scaling exponent between the returns of four stock market indices and market participation willingness with varying from −10 to 10. The symbol denotes the degree of multifractality for the large and small fluctuations of the returns and YSI.

Complexity

Quantifying the Cross-Correlations between Online Market Participation Willingness and Stock Market Dynamics

Table 4