Table 6 The results of harmonic analysis: Trading volume (VolN) (2007.01-2018.10)
| Total | SMetro | 5Cities | NMetro |
| cos(2πt/20) | −0.355 (–3.960) | −0.313 (–3.181) | | −0.381 (–4.248) |
| sin(2πt/20) | −0.368 (–4.112) | −0.378 (–3.845) | | −0.349 (–3.889) |
| cos(2πt/24) | | | 0.3754 (4.724) | |
| sin(2πt/24) | | | −0.251 (–3.192) | |
| cos(2πt/48) | −0.322 (–3.624) | −0.191 (–1.958) | −0.260 (–3.318) | −0.580 (–6.501) |
| sin(2πt/48) | 0.6975 (7.728) | 0.5932 (5.987) | 0.9166 (11.513) | 0.4967 (5.490) |
| Adj R2 | 0.4300 | 0.3132 | 0.5563 | 0.4275 |
Numbers in the parenthesis represent t statistics.