Purpose: This paper studies whether individual stocks provide higher returns than government bond in the Chinese market. Design/methodology/approach: The authors compare individual stock returns and government bond returns in the Chinese market. Findings: The authors find that more than half of...

Shadow financing through off-balance sheet wealth management products (WMPs) has become increasingly important besides deposits in China. We quantify the economic magnitude of the effect of WMPs on banking stability in an equilibrium model calibrated to Chinese banking sector data. Alternative...

Using the wealth management products data, we construct a measure that contains substantial information about the supply of shadow credit in China and significant power to predict China’s economic activity. An increase in this measure leads to an increase in economic growth, a reduction in...

In this paper, we build undirected weighted networks to study herding behavior among analysts and to analyze the characteristics and the structure of these networks. We then construct a new indicator based on the average degree of nodes and the average weighted clustering coefficient to research...

We theoretically and empirically explore the effect of disagreed voices (dissenters) in social media on mutual fund manipulation. We first build a simple theoretical model to show that the reception rate of unsophisticated investors on the information of dissenters is important for the mutual...

Using account-level data, this study examines the impact of local public environmental awareness on investors' stock trading behavior. We match city-level investor trading behavior with local public environmental awareness, as proxied by local Internet searches. Our results show that investors...