Table A.2 Numbers and proportions of positive and negative serial correlation coefficients of daily returns in individual
shares
254 The Efficiency of China's Stock Market
Notes: 1. The tests are conducted on 422 shares listed on Shanghai market, including 373 A-shares and 49 B-shares.
2. The tests are conducted on 399 shares listed on Shenzhen market, including 347 A-shares and 52 B-shares.
Ten
148
225
0.66
26
23
1.13
174
248
0.70
116
231
0.50
17
35
0.49
133
266
0.50
Nine
166
207
0.80
18
31
0.58
184
238
0.77
124
223
0.56
25
27
0.93
149
250
0.60
Eight
81
292
0.28
15
34
0.44
96
326
0.29
87
260
0.34
25
27
0.93
112
287
0.39
Seven
177
196
0.90
11
38
0.29
188
234
0.80
157
190
0.83
10
42
0.24
167
232
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