会议论文

Wen, Xian-ming

英文

2015 INTERNATIONAL CONFERENCE ON EDUCATION, MANAGEMENT AND SYSTEMS ENGINEERING (EMSE 2015)

2015

206-210

International Conference on Education, Management and Systems Engineering (EMSE)

AUG 23-24, 2015

Phuket, THAILAND

[Wen, Xian-ming;Liu, Zuo;Xiong, Ying] Changsha Univ Sci & Technol, Sch Econ & Management, Changsha 410114, Hunan, Peoples R China.

439 DUKE STREET, LANCASTER, PA 17602-4967 USA

DESTECH PUBLICATIONS, INC

978-1-60595-277-2

financially supported by National Social Science Foundation of China,No.15BJY051;Humanistic and Social Science Foundation of Ministry of Education of PRC, No.11YJCZH201;Social Science Foundation of Hunan Province, No.13YBA016;Science & Technology Research Project of the Department of Land and Resource of Hunan Province, No.2014-13

本校为第一且通讯机构

This paper, through constructing new liquid indicator as representative variables which measures microscopic liquidity, and taking the volume as the representative variables of the macro liquid indicators, using Granger causality test of VAR model, variance decomposition method, researches the relationship between liquidity and returns in fuel oil futures market. The results show that fuel oil futures market only exists that the rate of return guides on liquidity, and liquidity is driven by yield, but liquidity has no effect on yield, that is to say,...