Vol.2 No.2 (April 2012)
Trading Value of the Stocks
Valuing of stocks price is a difficult topic for study. The high-frequency trading data such as the prices, the trading volumes, the market capitalization and the buying-selling dynamics at trading make up a dynamical system of variable market capitalization. Any factor that influences the stock prices will all be changed eventually into prices and volumes of buying in or selling out shares in the system, and the difference between the buying dynamics and the selling dynamics causes the fluctuation of the prices and results in changes of the market capitalization of the stocks. The momentum properties of the variable market capitalization system are described by a differential equation of the prices evolution. A new conception, trading value of the stocks that versus time and the trading data, is showed by the solution of the equation. The trading value reveals the properties that there are of both time-sharing randomness and stage tendency, and depicts a feature that there is fluctuation of the prices round the trading value at trading. So a new quantitative method for valuing of the stocks is advanced based on the trading value.
董文堂 (2012) 股票的交易价值。 金融， 2， 126-130. doi: 10.12677/fin.2012.22013
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