Using the wealth management products data, we construct a measure that contains substantial information about the supply of shadow credit in China and significant power to predict China’s economic activity. An increase in this measure leads to an increase in economic growth, a reduction in...

We theoretically and empirically explore the effect of disagreed voices (dissenters) in social media on mutual fund manipulation. We first build a simple theoretical model to show that the reception rate of unsophisticated investors on the information of dissenters is important for the mutual...