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As an important environmental amenity, sunlight brings us a large number of benefits and improves the quality of our daily lives, and its welfare measurement depends on concrete living conditions. The purpose of this article is to empirically document the non-marketed value of sunlight in light of the view orientation of an apartment in the context of the housing market. Using a hedonic pricing mo...
We investigate the pricing of tail risk in the cross-section of Chinese mutual fund returns using a sample of 2563 funds from 2007 to 2021. We document a strong and positive relationship between the time-varying tail risk beta and one-month-ahead mutual fund return, which is robust to various considerations. Specifically, the top tail risk quintile portfolio outperforms the bottom one by 1.85% per...
《金融稳定法》作为我国首部统筹防范化解处置金融风险的专门法律,为凝聚监管合力、维护金融稳定、完善金融基础设施奠定了法制基础。本文认为,金融基础设施是金融稳定的重要抓手,当前支撑金融基础设施发挥金融稳定功能的法律供给不足,应当利用《金融稳定法》立法契机,明确金融基础设施的法律内涵及地位,提供金融基础设施恢复与处置的制度保障,推动完善我国金融基础设施法律框架。
Leading economic indicators assist in forecasting future business conditions. Can they also predict aggregate stock returns? To answer this question, we examine six decades of data from 39 countries. Short-term changes in the composite leading indicator (CLI) positively correlate with future stock returns in the cross-section. The quintile of markets with the highest CLI increase outperforms the q...
Drawing upon the theory of communication visibility, this research intends to investigate the direct effect of enterprise social media (ESM) usage on team members’ knowledge creation capability (KCC) and the mediating effects of psychological safety and team identification. In addition, it aims to untangle how the efficacy of ESM usage varies between pre- and post-COVID-19 periods.Design/methodol...
We show that China's real estate climate index (RECI) can be used to forecast the aggregate stock market return. It outperforms popular return predictors both in- and out-of-sample, especially at the monthly horizon. Additionally, RECI's predictive ability is stronger among stocks of small market capitalization and low momentum. For a typical mean-variance investor, RECI's predictive p...
金融基础设施是为各类金融活动提供基础性公共服务的系统及制度安排,是金融市场稳健高效运行的基础性保障,其在金融市场运行中居于枢纽地位,具有很强的公共属性,应将防控金融风险,维护金融稳定作为其运行的重要目标。反思近期发生的镍期货“逼仓”危机中LME在风险管理制度方面表现出的缺陷,危机中所表现出的风险管理制度缺失,对进一步提高金融基础设施风险管理能力及监管水平,加快相关立法,统筹推进“布局合理、治理有效”...
With the growth of on-demand services, consumers are increasingly concerned about information privacy. While the direct relationship between prior self-disclosure and privacy concern has been extensively examined, the mediating mechanism remains as a black box. Revealing this black box can broaden the theoretical understanding of this important relationship, and also provide implications for addre...
未来,金融科技在绿色资产价值评估、绿色金融市场机制建设、环境效益数据采集分析等领域将得到更加深入的应用,进而推动绿色金融发展,促进低碳转型升级。金融科技(FinTech)自20世纪80年代逐步兴起,经历金融信息化(FinTech 1.0)、金融在线化(FinTech 2.0)以及金融智能化(FinTech 3.0)三大阶段。伴随着互联网技术迅速发展,大数据、区块链、云计算、人工智能等前沿科技已经深度嵌入传统金融服务,产生了具有明显的数字化、...
通过对文献的梳理发现目前对加密数字货币市场(以下简称币市)的研究主要聚焦在加密数字货币概念、ICO筹融资、币市波动性、投资者行为、币市投资风险等。本研究明确加密数字货币定位,基于已有金融理论深度解析币市现象,厘清币市存在的ICO欺诈、非法交易、洗钱、平台跑路、监管痛点等风险隐患问题,从加密数字货币融资上市整个过程中各方参与者角度提出针对性建议,尝试通过各方通力协作搭建加密行业治理体系,以期为加密资产行业...
The research aims to investigate the existence of peer effect in mergers and acquisitions and study its impact on corporate sustainable development. It first constructs a peer effect testing model to examine whether there is peer effect in mergers and acquisitions, based on quarterly data in China between 2005 and 2019. Then, two econometric models are proposed separately to explore the impact of ...
The recent financial crisis revealed that banks, especially these large and complex banks, are opaque to be monitored by regulators. In an ideal world, regulators are hoping all banks to be self-disciplined. That will reduce a lot burdens for regulators. However, in practice, it is not always the case as there will be by nature information asymmetric or information frictions between banks and regu...