The Relation Between Price Changes and Trading Volume: A Survey
综述了金融市场上价格变化与交易量之间关系的研究，总结了两个实证规律，评述了理论模型，并提出了一个简单模型和未来研究方向。
This paper reviews previous and current research on the relation between price changes and trading volume in financial markets, and makes four contributions. First, two empirical relations are established: volume is positively related to the magnitude of the price change and, in equity markets, to the price change per se. Second, previous theoretical research on the price-volume relation is summarized and critiqued, and major insights are emphasized. Third, a simple model of the price-volume relation is proposed that is consistent with several seemingly unrelated or contradictory observations. And fourth, several directions for future research are identified.