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The purpose of this thesis is to investigate the lead-lag relationship of the number of shares traded, the dollar trading volume, and the turnover rate of the listed companies over the Taiwan's Business Cycles and the Taiwan Stock Exchange Weighted Index. The thesis applies the data published by the Department of Statistics, the Ministry of Finance, Taiwan’s National Development Council, and Taiwan Economic Journal. The sample period covers from January 1989 to December 2019 for a total period of 372 months.
1. The number of traded shares, the dollar trading volume, and the turnover rate similarly behave over the economic peak and the market peak and bottom periods. They all lead the economy and the market over the economic peak and market peak periods respectively by 1.13 months and 1.86 months.
2. The percentage of variance of the number of traded shares, the dollar trading volume, and the turnover rate over the economic peak and the market peak periods are greater than those over the economic bottom and the market bottom periods.
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