We found also the negative relation between VXO and contemporaneous TAIEX return, as well as the tendency of low VXO brings up negative return and high VXO brings up positive return in the future.

• 此外VXO与TAIEX同期报酬呈现负向关系、与TAIEX未来报酬呈现低VXO水准时为显著负报酬；