英文标题：
《Transitions in the Stock Markets of the US, UK, and Germany》
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作者：
Matthias Raddant and Friedrich Wagner
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最新提交年份：
2015
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英文摘要：
In an analysis of the US, the UK, and the German stock market we find a change in the behavior based on the stock\'s beta values. Before 2006 risky trades were concentrated on stocks in the IT and technology sector. Afterwards risky trading takes place for stocks from the financial sector. We show that an agent-based model can reproduce these changes. We further show that the initial impulse for the transition might stem from the increase of high frequency trading at that time.
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中文摘要：
在对美国、英国和德国股市的分析中，我们发现基于股票贝塔值的行为发生了变化。在2006年之前，风险交易主要集中在IT和科技行业的股票上。之后，金融部门的股票会进行风险交易。我们证明了基于代理的模型可以重现这些变化。我们进一步表明，这种转变的最初动力可能来自当时高频交易的增加。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Portfolio Management 项目组合管理
分类描述：Security selection and optimization, capital allocation, investment strategies and performance measurement
证券选择与优化、资本配置、投资策略与绩效评价
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一级分类：Physics 物理学
二级分类：Statistical Mechanics 统计力学
分类描述：Phase transitions, thermodynamics, field theory, non-equilibrium phenomena, renormalization group and scaling, integrable models, turbulence
相变，热力学，场论，非平衡现象，重整化群和标度，可积模型，湍流
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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