I very much agree the premise for the research. The financial press, who when all said and done are simply creating the journalism that their audience demand, are fixated for finding a reason in the randomness of the market. CNBC and CNN would not get through one episode if you banned them making some reference to what "The market" wants to do.

It is not going to happen, but it would show some refreshing insight to hear:
"The market was up today for no particular reason"
or factually
"The S&P 500 was down today because more was for sale than was demanded at the price"

Fixating on reasons for market moves which quite possibly don't exist (or if they do are not those which we can understand and analyse) is somewhere between pointless, dangerous, and a self fulfilling prophecy.

Can you please give more detail as to how 0.64% daily volume equates to 404.7% turnover ration. What is the calculation.

Also I do not see this from the data (from looking at the 2008 row). What am I misunderstanding?

"The year 2008 also marked the global peak of trading activity, with 0.35% of all shares outstanding in all eight markets trading each day." I