We study the relationship between the Fama and French (2015) five factors’ betas and the expected overnight versus intraday stock returns in China’s A-share markets. We find that factor betas and expected returns exhibit contrasting relationships overnight versus intraday. The market, value,...

The paper combines the spirit of voluntary implementation and interactive implementation and finds out the full characterization of voluntary implementation when the planner is a player. Result covers the 2-person case, which is not considered in the paper of Baliga et al. (1997).

The paper contributes to the perfect Bayesian implementation problem when the planner selects an outcome after agents send a signal profile. In our problem, the planner always selects the outcomes that maximize her expected utility, given her posterior belief about the state. The paper...