We extract cyclic information in turnover and find it can explain the momentum “echo”. The reversal in recent month momentum is the key factor that cancels out the recent month momentum and excluding it makes the “echo” regress to a damped shape. Both rational and behavioral theories can...

In this study, we constitute an adaptive hedging method based on empirical mode decomposition (EMD) method to extract the adaptive hedging horizon and build a time series cross-validation method for robust hedging performance estimation. Basing on the variance reduction criterion and the...

Digital economics influences household financial decisions by two major channels, the Internet consumption and the Internet information. This study, using survey data from China, researches the effect of these channels on households’ consumption, budget constraint, stock market participation,...