negative autocorrelation meaning in Chinese

负自相关

We analyse the dispersion of stock returns and have the tests of serial correlation . the results show that the trading mechanism has a significant effect on a number of characteristics of stock returns . first , the distribution of open - to - open returns has greater variance than that of close - to - close returns . second . the serial correlation pattern is quite different in the two return series . the open - to - open returns have negative autocorrelation coefficient , but the close - to - close returns is positive . further , employing an arma ( 1 , 1 ) model we find that in the opening . returns exhibit higher residual noise and stronger dependence on past returns , reflecting stronger deviations from the random - walk form of the market efficiency hypothesis
主要表现为：一，开盘收益序列比收盘收益序列具有更大的方差。二，两种收益序列的序列相关形式不同，开盘收益序列表现为负相关，而收盘收益序列表现为正相关。而且我们通过arma ( 1 ， 1 )模型的进一步检验，发现开盘收益序列比收盘收益序列具有更大的残差，更依赖于过去的收益序列，也更偏离于市场有效的随机游走形式的假设。