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Note on two-phase phenomena in financial markets

Jiang, Shi-Mei ; Cai, Shi-Min ; Zhou, Tao ; Zhou, Pei-Ling

In: Chinese Physics Letters, 2008, vol. 25, no. 6, p. 2319-2322

The two-phase behaviour in financial markets actually means the bifurcation phenomenon, which represents the change of the conditional probability from an unimodal to a bimodal distribution. We investigate the bifurcation phenomenon in Hang–Seng index. It is observed that the bifurcation phenomenon in financial index is not universal, but specific under certain conditions. For Hang–Seng index...