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

Table 15

Impact of hedgers on spot market liquidity and volatility.

Liquidity ($)				Volatility (bps)
Numbers	Stock	Stock	Stock	Stock	Stock	Stock	Index
0	111,097,579	95,454,864	110,967,226	42	47	62	32
1,000 (0.748)	104,466,915	97,801,384	118,416,850	23	31	49	23
2,000 (0.644)	93,847,230	10,2856,000	121,473,796	11	20	38	16
3,000 (0.547)	96,902,078	11,3637,018	124,186,136	11	19	37	15