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What is the significance of studying time-varying fluctuation spillover effects?

Income, yield, independence.

1. It reflects that the risk of the financial market is directly proportional to the return. The higher the risk, the greater the return, and the lower the risk, the smaller the return.

2. It is proved that the stock and futures return rates have left-skew characteristics.

3. It reflects the independent tail correlation between the stock market and the bond market.