Empirical evidence shows that the majority of contrarian profits in Chinese stock market are due to overreaction while a small part is due to negative correlation of common factor in time series.
实证表明，中国证券市场的反向利润绝大多数源于股票的反应过度，有少部分源自共同因素在时间序列上的负相关。
The time series analysis show that the two class of variables have one order negative correlation, and the trading activity has weekly seasonal effect.
时间序列分析显示两类变量都存在一阶负相关，而交易活动存在周日效应。
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