The real estate finance literature provides diverse and contradictory findings regarding the relationship between the real estate market and the stock market. Despite the importance of this relationship to the economy in general relatively little is known of what causes such differences. In this...

Herding relates to behaviour by investors that involves mimicking the public actions and decisions of others rather than following privately held views and information. Herding is widely believed to be an important behavioural feature of financial markets, particularly in times of crisis, but...

This paper measures China’s daily and monthly climate policy uncertainty (CPU) from Jan 2000 to Mar 2022 based on Chinese news data for the first time. Then, the nonlinear and lag impacts of the US CPU and China’s CPU on the return, volatility, correlation and tail dependence of China’s...