The Behavior and Impact of Heterogeneous Investors in China’s Stock Index Futures Market: An Agent-Based Model on Cross-Market Trades

<table class="table-group" id="tab1"><tr><td><table class="table"><tr><td class="thead-hr" colspan="4"><hr/></td></tr><tr class="thead"><td class="align_left">Assets</td><td class="align_center">Equity (shares)</td><td class="align_center">Initial price (yuan)</td><td class="align_center">Value fluctuations (bps)</td></tr><tr><td class="thead-hr" colspan="4"><hr/></td></tr><tr><td class="align_left"><i>L</i></td><td class="align_center">2,000,000,000</td><td class="align_center">20</td><td class="align_center">4</td></tr><tr><td class="align_left"><i>M</i></td><td class="align_center">2,000,000,000</td><td class="align_center">20</td><td class="align_center">8</td></tr><tr><td class="align_left"><i>H</i></td><td class="align_center">2,000,000,000</td><td class="align_center">20</td><td class="align_center">12</td></tr><tr class="table-tr"><td colspan="4"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

<div>Design of the spot underlying assets in the agent-based model.</div>

Complexity

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Table 1

Table 1: The Behavior and Impact of Heterogeneous Investors in China’s Stock Index Futures Market: An Agent-Based Model on Cross-Market Trades 