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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...
We add to the emerging literature on empirical asset pricing in the Chinese stock market by building and analyzing a comprehensive set of return prediction factors using various machine learning algorithms. Contrasting previous studies for the US market, liquidity emerges as the most important predictor, leading us to closely examine the impact of transaction costs. The retail investors’ dominati...
The sustainable development of a modern equity market heavily relies on an effective IPO system that can properly reflect the underlying risk, demand, and supply in the IPO market. Recently, China has implemented an unprecedented IPO reform that transforms the previous approval-based IPO system to a registration-based one. Despite its importance, the impacts of the reform still remain unexplored. ...
AbstractWith 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 f...
AbstractThe coronavirus disease 2019 (COVID-19) pandemic has caused huge losses and massive damage to socio-economic development around the globe, which might even potentially evolve into a humanitarian crisis as it continues to spread. In response to the further resulting public threats, collaborative research, rapid production, and efficient and just distribution of vaccines have been given a to...
Abstract Along with the rapid growth of online and mobile shopping, a recent interesting phenomenon is the introduction of money market funds by many ecommerce plat forms. The goal might be to provide consumers the one-stop convenience of both shopping and short-term investment. So far, little rigorous work has examined the relationship between online shopping and investment in e...
Abstract:Inexperienced individual investors are the main players in the emerging FinTech industry, and also suffer from frequent negative events in the markets. With 3,110 negative events and 467,594 transaction data of China’s peer-to-peer lending market from 2015 to 2018, this paper analyzes how different types of platform negative events affect the decision-making of individual investors. We f...
AbstractThis paper tests the asymmetry in government spending multipliers using the panel data in the US postwar states. Empirical results show that output and employment rate respond asymmetrically to military procurement spending shocks with different signs and magnitudes. Our findings suggest that expansionary multipliers are much larger than contractionary multipliers, and that small-scale spe...
AbstractMobile payment is quickly changing consumers’ spending patterns and payment habits. Many empirical studies have been conducted globally in the last decade about consumers’ mobile payment behavior. To analyze and synthesize the findings, a meta-analysis is conducted to build consensus about what factors significantly affect consumers’ mobile payment behavior. Overall,...
AbstractHidden champions are companies whose market dominance belies their low profiles. Experts believe that “the single-minded specialist usually beats the generalist,” reflecting the importance of managerial cognition in hidden champions’ development. Given varying levels in firm growth of hidden champions, a two-phase multi-method approach was adopted. In the first phase, a longitudinal cas...
AbstractMost studies on disruptive innovations have focused on developed economies and little work examines this type of innovation in and from emerging economies. Moreover, previous studies on disruptive innovations have not investigated the processes behind. This study begins to fill these research gaps. Analysing disruptive innovations in and from China, we identify three important differences ...
AbstractThis article investigates the response of monetary policy to financial instability in China. We estimate a forward-looking Taylor rule model with a constructed comprehensive financial stress index using the time-varying coefficient method. Empirical results suggest that financial stability has always been a main concern for China’s monetary authorities even in periods with low financial p...
