As to the ability for explanatory power of short-term interest rate and that for capturing conditional volatility, there are remarkably differences among each model.

就模型对短期利率变化的解释能力和捕捉利率波动的能力而言，各模型也存在着显著的差异。

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We find that daily trading volume, used as a proxy for information arrival time, has no significant explanatory power on the conditional volatility of daily returns.

研究结果认为，每日交易量作为每日信息到达时刻的代理变量对于中国股票市场每日收益的条件波动的解释力度不显著。

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