Despite the explosive growth of peer-to-peer lending in the People's Republic of China (PRC), information asymmetry remains a critical issue and is likely to be amplified in such an evolving credit market compared to a traditional credit market. This paper studies how investors screen the...

This study modifies the cross-sectional absolute deviation of returns (CSAD) of Chang, Cheng and Khorana's (2000) by adding trading volume variable and find significant evidence of herding in the Hong Kong stock market using daily data. Specifically, higher trading volume induces more herding....

The recent financial turmoil has triggered a credit crunch whereby illiquid, but not necessarily insolvent, banks were not able to borrow money and were forced to be liquidated, bought or bailed out. A response to this problem has been contingent convertible bonds (or CoCo bonds), which are...