Figure 12 shows that as long as the

Figure 12 shows that as long as the number of buckets per day is not extremely large, and the sample length is not extremely small, the probability that VPIN was in the upper quartile one volume bucket prior to a 0.75% or greater absolute return will be between 80% and 90%. This result not only means that VPIN anticipates a large proportion of extreme volatility events, but also that toxicity-induced volatility seems to be a significant source of overall volatility.

結果 (中文) 1:

图 12 显示，只要每日存储桶的数目不是非常大的和样品长度不是极小，VPIN 在上四分位数一卷桶在 0.75%或更大的绝对回报之前的概率将是 80%至 90%。这一结果不仅意味着 VPIN 预计极端波动事件，很大一部分，但那毒性引起的波动似乎也是整体波动车流量源。

結果 (中文) 3:

图12显示，只要桶每天数不是非常大，和样品长度极不小，这vpin在前四分之一的一卷桶到0.75%或更大的绝对收益之前将80%和90%之间的概率。这一结果不仅意味着vpin预期大比例的极端波动事件，而且毒性引起的波动，似乎是一个重要的fi不能源的整体波动。