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="tab4"><tr><td><table class="table"><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr class="thead"><td class="align_left">Forecasted return</td><td class="align_center">Position direction</td><td class="align_center">Order direction</td></tr><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr><td class="align_left"><span style="width: 17.6545ptpx;"><svg height="8.98582pt" id="M30" style="vertical-align:-0.6370001pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 8.98582" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M512 230V281L75 514V456L453 256V254L75 55V-3L512 230Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center"><span style="width: 17.6545ptpx;"><svg height="9.46863pt" id="M31" style="vertical-align:-1.11981pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 9.46863" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M531 285V335L57 550V494L473 310L57 127V71L531 285ZM531 -40V10H57V-40H531Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center">Buy open position</td></tr><tr><td class="align_left"><span style="width: 17.6545ptpx;"><svg height="8.98582pt" id="M32" style="vertical-align:-0.6370001pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 8.98582" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M512 230V281L75 514V456L453 256V254L75 55V-3L512 230Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center"><span style="width: 17.6545ptpx;"><svg height="8.98582pt" id="M33" style="vertical-align:-0.6370001pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 8.98582" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M512 -3V55L134 254V256L512 456V514L75 281V230L512 -3Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center">Buy close</td></tr><tr><td class="align_left"><span style="width: 17.6545ptpx;"><svg height="8.98582pt" id="M34" style="vertical-align:-0.6370001pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 8.98582" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M512 -3V55L134 254V256L512 456V514L75 281V230L512 -3Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center"><span style="width: 17.6545ptpx;"><svg height="9.46863pt" id="M35" style="vertical-align:-1.11981pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 9.46863" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M531 71V127L115 310L531 494V550L57 335V285L531 71ZM531 -40V10H57V-40H531Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center">Sell open position</td></tr><tr><td class="align_left"><span style="width: 17.6545ptpx;"><svg height="8.98582pt" id="M36" style="vertical-align:-0.6370001pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 8.98582" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M512 -3V55L134 254V256L512 456V514L75 281V230L512 -3Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center"><span style="width: 17.6545ptpx;"><svg height="8.98582pt" id="M37" style="vertical-align:-0.6370001pt" version="1.1" viewbox="-0.0498162 -8.34882 17.6545 8.98582" width="17.6545pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M512 230V281L75 514V456L453 256V254L75 55V-3L512 230Z"></path></g><g transform="matrix(.013,0,0,-0.013,11.263,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g></svg></span></td><td class="align_center">Sell close</td></tr><tr class="table-tr"><td colspan="3"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

<div>Speculators’ order placing rules.</div>

Complexity

tab4

Table 4

Table 4: The Behavior and Impact of Heterogeneous Investors in China’s Stock Index Futures Market: An Agent-Based Model on Cross-Market Trades 