Notice of RetractionA demonstration on the wealth effect of Chinese stock market based on rolling sample

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

The paper verifies the wealth effect of Chinese stock market in 1998-2008 with rolling sample at first and then studies some controversies about it with ECM method. After that the paper makes some conclusions: there is a wealth effect in Chinese stock market in whole, Although it is yet not notable; in short term, stock market´s wealth affects consumption with each other, and the former has some substitution effect on the later in some times; in long term, it is stock market´s wealth that depends on consumption; Chinese stock market behaves as a semi-effective market and has too much speculation, which restricts the wealth effect of stock market. In the end, the paper gives some suggestions on exerting wealth effect.