so we apply momentum threshold autoregressive model ( mtar ) in this paper to analyze bubble-driven run-ups in stock prices followed by a crash in a cointegration framework with asymmetric adjustment 因此,本文引入mtar模型,通過檢驗協(xié)整殘差的非對稱調整假設,對我國股票市場發(fā)展的不同階段是否存在泡沫現(xiàn)象進行對比分析。