This paper uses a statistical model developed by Beran and Feng (2001) to analyze the daily turnover of the stocks that made up the Dow Jones industrial index from June 1962 to December 2002. Using this model, I find that the historical daily stock turnover can be decomposed into two parts: a...

This paper studies the properties of high frequency stock trading time using the Trade and Quote Data starting from 1993 to 2002. I show that all these stocks' trading time dynamics exhibit similar temporal patterns: 1) they can be modeled as multifractal processes at large time scales ranging...

A growing body of literature is investigating the social and cultural determinants of household financing activity. This paper examines the impact of traditional culture, specifically Confucian culture in China, on informal household financing at the county level. We find that Confucian culture...