{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,15]],"date-time":"2025-10-15T10:23:07Z","timestamp":1760523787240,"version":"3.41.2"},"reference-count":27,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2019,4,10]],"date-time":"2019-04-10T00:00:00Z","timestamp":1554854400000},"content-version":"vor","delay-in-days":99,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71573051","71873039"],"award-info":[{"award-number":["71573051","71873039"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100003347","name":"Fudan University","doi-asserted-by":"publisher","award":["2014-2017"],"award-info":[{"award-number":["2014-2017"]}],"id":[{"id":"10.13039\/501100003347","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Complexity"],"published-print":{"date-parts":[[2019,1]]},"abstract":"<jats:p>We study the contrarian and trend\u2010following trading behavior of market timers in China\u2032s stock market. Using a network model to describe interpersonal relationships, we deploy the Ising model to capture trading strategies for both contrarians and followers. With empirical data of China\u2032s stock market, we find that contrarians account for 12\u201014% of trading volume. We further compare the performance of contrarians and followers and demonstrate the inefficiency of China\u2032s stock market where timing arbitrage exists. We highlight the fact that while the actual return sequence is driven by followers, the contrarians seize a lot of profitable arbitrage opportunities.<\/jats:p>","DOI":"10.1155\/2019\/1678086","type":"journal-article","created":{"date-parts":[[2019,4,11]],"date-time":"2019-04-11T00:35:31Z","timestamp":1554942931000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":5,"title":["Exploring Contrarian Degree in the Trading Behavior of China\u2032s Stock Market"],"prefix":"10.1155","volume":"2019","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-4062-8156","authenticated-orcid":false,"given":"Yue","family":"Chen","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0789-7856","authenticated-orcid":false,"given":"Xiaojian","family":"Niu","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7904-0982","authenticated-orcid":false,"given":"Yan","family":"Zhang","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2019,4,10]]},"reference":[{"key":"e_1_2_10_1_2","doi-asserted-by":"publisher","DOI":"10.1038\/460685a"},{"key":"e_1_2_10_2_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2017.11.012"},{"key":"e_1_2_10_3_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2016.12.005"},{"key":"e_1_2_10_4_2","doi-asserted-by":"publisher","DOI":"10.1155\/2018\/9072948"},{"key":"e_1_2_10_5_2","doi-asserted-by":"publisher","DOI":"10.1155\/2017\/3979836"},{"key":"e_1_2_10_6_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jtbi.2010.01.007"},{"key":"e_1_2_10_7_2","article-title":"Application of ising model in econophysics","volume":"11","author":"Hua J.","year":"2008","journal-title":"Journal of Shanghai Dianji University"},{"key":"e_1_2_10_8_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2005.06.102"},{"key":"e_1_2_10_9_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2006.02.022"},{"key":"e_1_2_10_10_2","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(00)00398-8"},{"key":"e_1_2_10_11_2","doi-asserted-by":"publisher","DOI":"10.1103\/PhysRevLett.111.177203"},{"key":"e_1_2_10_12_2","doi-asserted-by":"publisher","DOI":"10.1088\/0034-4885\/77\/6\/062001"},{"key":"e_1_2_10_13_2","doi-asserted-by":"publisher","DOI":"10.1088\/1742-6596\/1113\/1\/012009"},{"key":"e_1_2_10_14_2","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(01)00118-2"},{"key":"e_1_2_10_15_2","article-title":"Multiple time series ising model for financial market simulations","volume":"574","author":"Takaishi T.","year":"2014","journal-title":"Journal of Physics: Conference Series"},{"key":"e_1_2_10_16_2","doi-asserted-by":"publisher","DOI":"10.1155\/2016\/7510567"},{"key":"e_1_2_10_17_2","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(02)01216-5"},{"key":"e_1_2_10_18_2","doi-asserted-by":"publisher","DOI":"10.1142\/S0129183105007285"},{"key":"e_1_2_10_19_2","doi-asserted-by":"publisher","DOI":"10.1142\/S0129183112500234"},{"key":"e_1_2_10_20_2","doi-asserted-by":"publisher","DOI":"10.1186\/1687-2770-2012-9"},{"key":"e_1_2_10_21_2","doi-asserted-by":"publisher","DOI":"10.1142\/S0129183116500388"},{"key":"e_1_2_10_22_2","doi-asserted-by":"publisher","DOI":"10.1007\/s10614-017-9699-z"},{"key":"e_1_2_10_23_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.physa.2017.04.139"},{"key":"e_1_2_10_24_2","article-title":"Informed contrarian trades and stock returns","author":"Chang S. 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