We find a negative cross-sectional relation between heterogeneous beliefs and future stock returns in China, where short sale is prohibited in our sample period. Compared to other empirical works, which often be done in a market without short sale prohibition, we obtain this strong negative...

The rural fundamental and productive fixed-asset investment not only makes active influence on the changes of farmers’ operational, wages and property income, but it also has an optimal scale range for farmers’ income increase. From the perspective of farmers’ income...

The long and continuing coal-dominated energy structure in China makes it important to investigate the impact of coal price shocks on China’s financial markets. This study identifies whether volatilities in coal market may propagate between sectoral equity markets through the heterogeneous...