摘要：First, it has been pointed out that given itscharacteristics, expansion of the leveraged investmentfunds market entails the risk of amplifying stock pricevolatility. Leveraged investment funds seek to track amultiple of the daily performance of an underlyingindex such as the Nikkei 225. 1 Mechanicalpro-cyclical rebalancing of leveraged investmentfunds could theoretically amplify stock price volatility.Some market participants often attribute large pricemovements in the stock market to this rebalancingdemand
