ZA PLSs＇ Performance and Black Swan Approach

The empirical study uses black swan approach to analyze the performance of South African （ZA） listed property loan stocks （PLSs）. Although there are no empirical studies on black swan perspective and performance of listed real estate funds, the study found that there are similar traits of investing in listed real estate funds from emerging markets＇ perspective and what black swan advocates such as passive investment strategy and non-normality distribution of returns from listed real estate funds. Furthermore, the individual return of each fund was higher the return of the property loan stocks index and the probabilities of all variables confirm that they （variables） are significant when alpha is 10% at confidence level of 90%.

An Analysis of the Figurative Meanings of Colors in Black Swan

Under tremendous pressure, the heroine Nina of the movie Black Swan transformed from purity to complexity, from depression to release. Her attitude towards art changed from imperfection into perfection. Though she finally gets success for her perfect performance, yet she gets it at the cost of her life. From the standpoints of figurative meanings of, the four main colorsblack, white, pink, grey, this paper tries to analyze the relationship between colors, the connection of their roles, the multiple meanings of black swan and the death of black swan. A conclusion can be reached as follows: white represents purity and innocence of Nina; pink stands for her girlishness and na?ve; grey, the transitional color in movie, represents Thomas and his overwhelmingly primitive temptation; the typical representatives of black are Lily, Beth and changed Nina and it also stands for ferity, release and sexual temptation.

Pandemic or panic?A firm-level study on the psychological and industrial impacts of COVID-19 on the Chinese stock market

This study presents a thorough investigation of the relationship between the coronavirus disease 2019(COVID-19)and daily stock price changes.We use several types of COVID-19 patients as indicators for exploring whether stock prices are significantly affected by COVID-19’s impact.In addition,using the Chinese stock market as an example,we are particularly interested in the psychological and industrial impacts of COVID-19 on the financial market.This study makes two contributions to the literature.First,from a theoretical perspective,it shows a novel quantitative relationship between the psychological response to the pandemic and stock prices.In addition,it depicts the mechanism of the shock to the stock market by pointing out the specific functional expression of the impulse reaction.To our knowledge,this is the first theoretical calculation of the impulse of a shock to the financial market.Second,this study empirically estimates the marginal effect of the COVID-19 pandemic on fluctuations in stock market returns.By controlling for stock fundamentals,this study also estimates diverse industrial responses to pandemic stock volatility.We confirm that the COVID-19 pandemic has caused panic in the stock market,which not only depresses stock prices but also inflates volatility in daily returns.Regarding the impulse of the shock,we identify the cumulative level of the pandemic variables as well as their incremental differences.As shown by our empirical results,the terms for these differences will eventually dominate the marginal effect,which confirms the fading impulse of the shock.Finally,this study highlights some important policy implications of stock market volatility and returns to work in the industry.