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

Table 14

Impact of hedgers on the quality of the stock index futures market.

Numbers	Liquidity ($)	Volatility (bps)	MAE (cents)	MRE (%)
0	7,302,046	47	2,432	0.85
1,000 (0.748)	4,817,474	49	2,040	0.69
2,000 (0.644)	3,335,129	49	1,757	0.59
3,000 (0.547)	2,036,627	50	1,484	0.50