Quantifying the Cross-Correlations between Online Market Participation Willingness and Stock Market Dynamics
Table 7
Results of the short-term and long-term scaling exponents for Chinese stock market returns.
SME-YSI
SSE50-YSI
CSI300-YSI
GME-YSI
Short
Long
Short
Long
Short
Long
Short
Long
−10
0.692
0.851
0.666
0.991
0.653
1.041
0.707
0.926
−9
0.684
0.843
0.659
0.982
0.646
1.032
0.696
0.918
−8
0.674
0.834
0.651
0.971
0.637
1.022
0.684
0.908
−7
0.662
0.821
0.641
0.957
0.628
1.008
0.669
0.895
−6
0.649
0.805
0.629
0.938
0.616
0.991
0.652
0.878
−5
0.632
0.783
0.617
0.914
0.603
0.967
0.631
0.855
−4
0.612
0.752
0.602
0.881
0.589
0.932
0.606
0.822
−3
0.590
0.708
0.585
0.832
0.573
0.882
0.579
0.773
−2
0.566
0.648
0.569
0.763
0.559
0.808
0.553
0.700
−1
0.545
0.572
0.557
0.671
0.549
0.707
0.531
0.601
0
0.528
0.487
0.547
0.565
0.541
0.592
0.519
0.491
1
0.516
0.408
0.533
0.468
0.529
0.4889
0.512
0.395
2
0.502
0.343
0.509
0.394
0.506
0.412
0.504
0.327
3
0.485
0.295
0.475
0.341
0.474
0.360
0.491
0.285
4
0.466
0.261
0.439
0.306
0.442
0.325
0.476
0.257
5
0.448
0.237
0.407
0.281
0.412
0.301
0.460
0.239
6
0.432
0.219
0.379
0.262
0.386
0.283
0.445
0.225
7
0.417
0.205
0.357
0.248
0.366
0.269
0.432
0.215
8
0.404
0.194
0.338
0.237
0.349
0.258
0.421
0.207
9
0.394
0.186
0.323
0.228
0.335
0.249
0.411
0.199
10
0.384
0.179
0.311
0.221
0.323
0.242
0.402
0.194
0.308
0.672
0.355
0.770
0.330
0.799
0.305
0.732
This table reports the short-term and long-term scaling exponents between the returns of four stock market indices and market participation willingness with varying from −10 to 10. is the multifractality degree. “Short” denotes and “Long” denotes .
