Purpose–The purpose of this paper is to research and analyze the influence of institutional investors in the present securities market due to behavior alienation with “running after rising and falling” and “herd behavior”. Design/methodology/approach–A DeLong, Shleifer, Summers, and...

Purpose–The purpose of this paper is to examine whether the futures volatility could affect the investor behavior and what trading strategy different investors could adopt when they meet different information conditions. Design/methodology/approach–This study introduces a two-period...

Purpose–The purpose of this paper is to explore the relations of investment and stock prices (Tobin-Q), the impact of asymmetric information on the investment sensitivity to stock price, and the impact of asymmetric information on the stock price sensitivity to investment....

Purpose–The purpose of this paper is to investigate whether the change of margin in Chinese futures markets has policy spillover effects. Design/methodology/approach–The paper constructs a model based on Harzmark and on Chng, taking Chinese futures markets status quo as a single species and...

Purpose–The purpose of this paper is to empirically analyze the effects of managerial overconfidence on debt maturity structure decisions in terms of liquidity risk and asset match in Chinese listed companies. Design/methodology/approach–Combining data from CSMAR with some default data...

Purpose–The purpose of this paper is to empirically analyze the impacts of motivation for avoiding loss and actual abnormal audit fees on management behaviors of audit opinion shopping. Design/methodology/approach–Using empirical research methods, this study employs regressive models and...

Purpose–The purpose of this paper is to analyze how the financial supervision authority utilizes the restrictions of capital constraints imposing on commercial banks the need to develop the macro economy. Design/methodology/approach–This paper uses multilateral game to deduce the loan...

Purpose–The purpose of this paper, based on the institution change theory, is to analyze the factors which influence the auditees' demand for government performance auditing (GPA). Design/methodology/approach–This study acquired the data by survey. The author investigated the government...