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In eq. (2), independent dummy variable w t is included to measure the credit availability position of the market.
The above empirical results strongly suggest that trading margins, credit availability position, and price discreteness are decision-making market signals.
Hence, in the model, the mean value of credit availability position of the market is ( Eleft({V}_tleft|{M}_t,{w}_t=1right.right)=left({hat{beta}}_0+{hat{beta}}_2right)+{hat{beta}}_1left {M}_tright) ).
Similar(57)
Efficient trading margins and effective credit availability positions were not realized.
As reflected in this study, efficient trading margins and effective credit availability positions were not realized.
Therefore, before investing in derivatives (index futures), market investors should evaluate trading margins, credit availability positions, and price discreteness.
The results indicate that inefficient returns exist with the existing inefficient trading margins and ineffective credit availability positions.
The results indicate that there is a negative effect of total money supply on returns through lower credit availability positions.
Hence, from first-stage V-IGARCH (1, 1), the results proved that credit availability positions were not realized with endogenous conditional probabilistic values for the market participants.
Given the above findings, one can conclude that before investing in derivatives (index futures), market investors should evaluate trading margins, credit availability positions, and price discreteness.
The first stage estimation showed that returns decreased by 2.2663% as a consequence of non-realization of efficient trading margins and effective credit availability positions.
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