Runs tests onthedaily return s inin divid ual sh ares of theSh an gh aian dShenzhen
marketsInspecting the results of the tests on daily returns in Table 5.10, several
notable features can be found. Firstly, positive K-statistics dominate in the tests on
individual A-shares. The positive K-statistic is found in 87.70% (328 of 374) of
Shanghai A-shares and in 78.01% (266 of 341) of Shenzhen A-shares. The feature
that the actual runs exceed the expected runs reveals that the reversals preponderate
over trends in most ...
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