论文标题
股票价格的时间功能
The Time Function of Stock Price
论文作者
论文摘要
本文倾向于将股票价格和时间之间的定量关系定义为时间功能。基于经验证据表明，股票的对数是白噪声的系列，建立了整体白噪声的数学模型，以描述股票价格运动的现象。演绎方法用于得出股票价格移动的自动相关功能，位移公式和功率频谱密度，这不仅揭示了运动的特征和规则，而且还揭示了股票价格的可预测性。为投资组合投资的价格分析，预测和风险管理提供了演绎基本。
This paper tends to define the quantitative relationship between the stock price and time as a time function. Based on the empirical evidence that the log-return of a stock is the series of white noise, a mathematical model of the integral white noise is established to describe the phenomenon of stock price movement. A deductive approach is used to derive the auto-correlation function, displacement formula and power spectral density of the stock price movement, which reveals not only the characteristics and rules of the movement but also the predictability of the stock price. The deductive fundamental is provided for the price analysis, prediction and risk management of portfolio investment.
