As the world's largest trading bloc, the RCEP, is believed to play a non-neglectable role in the post-pandemic recovery. By looking into the shocks in early 2020 that affect the stock markets of RCEP participating regions, we measure the stock market reaction to common risks before the RCEP...

Diversity of opinions among investors plays a crucial role in models of financial market speculation and bubbles. Yet, little is known about the origins of investor disagreement. Using unique data from China, we identify an important cultural and linguistic factor. We show that investors living...