Table 8

Rankings of stock exchange indices with negative relationship between transaction volume and price changes

ρPrice-volume relation
1. USA*−0.081272Significant
2. Australia*−0.018193Significant
3. UK*−0.016280Significant
4. South Korea*−0.012901Significant
5. Turkey*−0.010498Significant
6. Canada*−0.008003Significant
7. Japan*−0.007868Significant
8. Spain*−0.004522Significant
9. France*−0.002663Significant
10. Germany*−0.001970Significant
11. Netherlands*−0.001889Significant
12. Ireland*−0.001413Significant
13. Switzerland*−0.001342Significant
14. Sweden**−0.000734Insignificant
15. Belgium**−0.000527Insignificant
16. Italy**−0.000314Insignificant
17. Brazil**−0.000064Insignificant
18. Austria**−0.000059Insignificant

Note(s): *Countries with a significant relationship between trading volume and volatility. **Countries where no statistically significant relationship could be found between trading volume and volatility

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