After that,we gain the equilibrium price under marketing clearing and find that the existence of heterogeneous investors results in premium.

The heterogeneous fundamentalists are introduced to the Lux-Marchesi model.

Based on the hypothesis of heterogeneous traders, this paper analyzes the strategic behaviors of informed traders and uninformed traders during the process of call auction, and discusses the impact of indicator price information disclosure and public limit order book on the call auction process.

The character of trader s information from the complication of interaction between the trader s characteristics and the character of information in finance market includes competitiveness,speculation,falsity and time of trader s behaviors and behavior of the information.

Based on the complex contractual relationship between the credit derivatives traders,from the economic perspective of information asymmetry,an analysis is made on the adverse selection and behavior of moral hazard among the traders,revealing the effect of credit derivatives on the traders during the course of segregation and management of credit risks.

The statistical test based on the Shanghai Composite Index suggested that certain technical trading rules should be able to gain stable excess profit in the long run, which could not be explained by nonsynchronous trading, transaction cost and time variation of expected returns.