  We investigate the spatial and temporal structures of four financial markets
in Greater China. In particular, we uncover different characteristics of the
four markets by analyzing the sector and subsector structures which are
detected through the random matrix theory. Meanwhile, we observe that the
Taiwan and Hongkong stock markets show a negative return-volatility
correlation, i.e., the so-called leverage effect. The Shanghai and Shenzhen
stock markets are more complicated. Before the year 2000, the two markets
exhibit a strong positive return-volatility correlation, which is called the
anti-leverage effect. After 2000, however, it gradually changes to the leverage
effect. We also find that the recurrence interval distributions of both the
trading volume volatilities and price volatilities follow a power law behavior,
while the exponents vary among different markets.
