the abnormal returns and volatility changes of those component stocks. The empirical results show that, after the removal … volatility. To reduce the possible impact on volatility, the authorities may take the activity of margin transactions into …

. In this study, we explored the mechanism of this phenomenon through scarcity mind-set theory (Shah, Shafir …, & Mullainathan, 2015) and error management theory (Haselton & Buss, 2009). Through two experiments, we have made three research …