On a universal mechanism for long-range volatility correlations
提出一种通用解释，说明金融市场活动和波动率中的长期相关性源于策略选择服从类似随机游走的过程，并通过简化市场模型（如少数者博弈）验证了该机制能很好地拟合真实市场数据。
We propose a general interpretation for long-range correlation effects in the activity and volatility of financial markets. This interpretation is based on the fact that the choice between 'active' and 'inactive' strategies is subordinated to random-walk-like processes. We numerically demonstrate our scenario in the framework of simplified market models, such as the Minority Game model with an inactive strategy. We show that real market data can be surprisingly well accounted for by these simple models.