Financial Innovation

Table 5 Average returns for different price limit combinations

From: An empirical behavioral order-driven model with price limit rules

	0.05	0.10	0.15	0.20	0.25	0.30
− 0.05	0.017	0.544	1.098	1.721	2.188	2.550
− 0.10	− 0.558	0.008	0.551	1.087	1.666	1.950
− 0.15	− 1.388	− 0.746	− 0.022	0.582	1.144	1.674
− 0.20	− 2.181	− 1.384	− 0.719	− 0.052	0.462	0.934
− 0.25	− 2.990	− 2.158	− 1.433	− 0.843	− 0.190	0.494
− 0.30	− 4.003	− 3.593	− 2.563	− 2.121	− 1.056	− 0.324

The first row shows the \(\phi_{+}\) values, whereas the first column shows the \(\phi_{-}\) values. The values of the average returns have been multiplied by \(10^5\) for better presentation

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