Using account level data from the Shanghai Stock Exchange, we find widespread evidence consistent with insiders manipulating share prices to exploit naïve retail investors. We identify a group of “suspicious” firms that use stock splits—perhaps, along with other misleading activities—to...

This paper examines the changes in households' trading behavior after winning an IPO allotment in China—a purely luck-driven event. We find that these households subsequently become overconfident: they trade more frequently and lose more money relative to other households. This effect is...

This paper examines the changes in households' trading behavior after winning an IPO allotment in China—a purely luck-driven event. We find that these households subsequently become overconfident: they trade more frequently and lose more money relative to other households. This effect is...

Although China is now the world's second largest stock market, in many ways, it is still an emerging market. Relatively unsophisticated retail investors are the largest group of traders and there remain heavy restrictions on short selling. This combination increases the potential for unsavory...

We show that Keeping-up-with-the-Joneses preferences can explain several puzzling retail investor behaviors, including the excessive trading of small local stocks. Status concerns lead households, especially those living in affluent areas, to demand these stocks to track their neighbors' wealth....

The essential drive of building a new countryside lies in scientific and technological innovation. Through expounding the scientific and technological demonstration benefits and roles of new countryside building in poverty-stricken mountainous area, the major problems and hardships of new...

<section xml:id="fut21653-sec-0001"> We develop the Nelson–Siegel model in the context of option‐implied volatility term structure and study the time series of volatility components. Three components, corresponding to the level, slope, and curvature of the volatility term structure, can be interpreted as the long‐,...</section>

Resource-based countries, such as the Next Eleven (N11) and BRICS countries, have been plagued by economic vulnerability due to due to their heavy dependence on the resource industry. Information communication technologies (ICT) has been innovatively applied in the environmental field, which has...