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,...

We examine the impact of Special Economic Zones (SEZs) on innovation using China's county-level data from 1985 to 2011. Results show that the establishment of SEZs promotes a county's innovation in terms of application, grant and citation numbers of patents by 15%-25%, 8%-22% and 15%-25%,...

Human activities widely exhibit a power-law distribution. Considering stock trading as a typical human activity in the financial domain, the first aim of this paper is to validate whether the well-known power-law distribution can be observed in this activity. Interestingly, this paper determines...

This research aims to lay out a framework to quantify the impacts of mining booms on the macro-economy in Mongolia, a country that is increasingly dependent upon its mining sector. The study uses a dynamic computable general equilibrium (CGE) model to examine the long-term effects on the economy...

China's four-trillion-yuan stimulus package fueled by bank loans in 2009 has led to the rapid growth of shadow banking activities in China after 2012. The local governments in China financed the stimulus plan mainly through bank loans in 2009, and resorted to non-bank debt financing after 2012...

A growing body of literature is investigating the social and cultural determinants of household financing activity. This paper examines the impact of traditional culture, specifically Confucian culture in China, on informal household financing at the county level. We find that Confucian culture...