论文标题
令人怀疑的过夜和盘中回报
Strikingly Suspicious Overnight and Intraday Returns
论文作者
论文摘要
全球股票市场表现出令人怀疑的一夜之间和盘中回报的模式。在过去的几十年中，隔夜回归主要股票市场指数非常积极，而盘中回报令人不安。这些惊人的一致返回模式的原因是未知的。我们强调了这些非凡模式的特征，这些模式阻碍了任何合理的无害解释的构建。然后，我们使用相同的功能推断出到目前为止这些令人怀疑的回报的唯一合理的解释。
The world's stock markets display a strikingly suspicious pattern of overnight and intraday returns. Overnight returns to major stock market indices over the past few decades have been wildly positive, while intraday returns have been disturbingly negative. The cause of these astonishingly consistent return patterns is unknown. We highlight the features of these extraordinary patterns that have hindered the construction of any plausible innocuous explanation. We then use those same features to deduce the only plausible explanation so far advanced for these strikingly suspicious returns.
