Variable classification | Name | Symbols | Definition of variables |
Explained variables | SSE Share Price | y | Changes in the SSE generally represent broad market point movements |
Explanatory variables | Investor Sentiment Index | Se | Constructed using the formula |
Control variables | Overnight shibor | SH | Shanghai Interbank Offered Rate |
| Exchange rates | IR | Renminbi to US Dollar Daily Exchange Rate |
| First-order lag in investor sentiment |
| First-order lags of the explanatory variable Se |
| Second order lag in investor sentiment |
| Second-order lags of the explanatory variable Se |