Table 1.
Descriptive statistics.
| Raw data |
Change rate (%) |
|||||
|---|---|---|---|---|---|---|
| Stock index | Market trading volume (million) | Day trading volume (million) | Stock index | Market trading volume | Day trading volume | |
| Full sample period | ||||||
| Mean | 9233.0325 | 91915.6 | 9266.99 | 0.0229 | 0.0137 | 0.3815 |
| Std. error | 730.8894 | 20858.6 | 7991.80 | 0.7832 | 17.5615 | 19.7303 |
| Min.. | 7410.3400 | 30206.9 | 663.39 | −4.9569 | −76.3383 | −83.7303 |
| Max.. | 10854.5700 | 233551.0 | 48682.30 | 3.5175 | 74.3869 | 101.6313 |
| Period 1 | ||||||
| Mean | 8931.9780 | 92167.3 | 5137.56 | −0.0083 | −0.0843 | 0.4711 |
| Std. error | 517.1191 | 16765.1 | 2670.31 | 0.8783 | 16.2601 | 20.4613 |
| Min.. | 7410.3400 | 39334.8 | 663.39 | −4.9569 | −59.6366 | −72.1295 |
| Max.. | 9973.1200 | 168637.0 | 16535.90 | 3.5175 | 74.3869 | 101.6313 |
| Period 2 | ||||||
| Mean | 9561.0471 | 91641.4 | 13766.20 | 0.0570 | 0.1204 | 0.2841 |
| Std. error | 786.9471 | 24570.2 | 9323.63 | 0.6638 | 18.8921 | 18.9246 |
| Min.. | 8053.6900 | 30206.9 | 3269.34 | −3.0202 | −76.3383 | −83.7303 |
| Max.. | 10854.5700 | 233551.0 | 48682.30 | 2.7758 | 72.8214 | 99.3656 |
Notes: There are 980 samples over the data period (i.e., from Jan. 6, 2014, to Dec. 29, 2017). Due to day trading expanding considerably after the relaxation on Feb 1, 2016, we then separate two periods (i.e., Period 1 includes 511 samples before the relaxation, and period 2 includes 469 samples after the relaxation).