Does communication increase investors’trading frequency?Evidence from a Chinese social trading platform

This study examines the impact of communication on investors’trading frequency based on a unique dataset drawn from a Chinese social trading platform.We find robust evidence that real-account portfolio owners on the platform trade more frequently under the influence of the comments posted by their leaders(the owners of portfolios they have followed).Moreover,portfolio owners are more sensitive to the quantity than to the tone of leaders’comments.Finally,both trading frequency and leaders’comments negatively impact portfolio owners’future performance.Our find-ings support the notion that social interaction promotes active investment strategies.

First cotton spot trading platform in central China will operate

First cotton spot trading platform in central China-- Tianmen cotton trading center will be put into trial operation at the end of the year. By then, the cotton industry and cotton farmers in Hubei Province will benefit from the reduction of logistics and trading costs.

Comparative Study on Collective Forest Tenure Reform and Water Rights System Reform in China

Collective forest tenure reform and water rights system reform are two types of resource system reform initiated by the Chinese government since the implementation of the reform and opening policy of the 1980 s.Forest tenure reform has been completed and water rights system reform is ongoing.This study analyzes key points and problems with collective forest tenure reform and summarizes four typical successful reform measures and lessons that will have implications for the developing water rights system：the collective forest-cutting quota system,collective forest tenure compensation,collective forest tenure confirmation,and collective forest tenure trading center.A flexible water permission index,compensation measures in water rights trade,water rights approval,and various forms of water rights trading platforms are proposed as reform measures.This study fills a gap in comparative studies between two important resource system reforms in China and provides a reference for further reform and development of water rights systems locally and abroad.

The Structure of Legal Relations in Online Transactions

As the civil law expression of internet plus transactions, the legal relations in online trading platform transactions constitute a complex aggregate of legal relationships composed of groups of legal relations. Specifically, they consist of three basic interlinked legal relationships： Contract relations for online trading platform services between the platform provider and the seller or service provider, and between the platform provider and the consumer. This includes the sales or service contract relations between the triad of the seller, the service provider and the consumer. These relations contain five kinds of major content, viz., the provision of transaction space, the publishing of transaction information, price escrow payment, distribution and delivery of the commodity, and transaction credit evaluation. They involve three forms of supplementary legal relations： the supplementary contract relationship between the platform provider and a third party payment institunon; between the seller and third party credit reporting agency; and between the seller and a logistics enterprise. The three forms of supplementary contractual legal relations are set up to act on the major contents of the basic legal relationships in online transactions. On the basis of the online trading platform service contract relationships between the platform provider and the triad of the seller, the service provider and the consumer, the flow of the above- mentioned legal relations centers on the contract of sales or service set up between the seller, the service provider and the consumer to accomplish the aim of the online transaction, meet social needs and boost economic development.