In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interac...In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interaction between individual and institutional investors. This paper adopts the standard deviation of trading volume the cross-section to measure herd behavior. The results show that no matter what the market is in bull status and bear status, institutional investors perform herd behavior and with the expansion of the shareholding scale in a bull market, the herd behavior is higher, which suggests that the vigorous development of institutional investors has not eliminated herd behavior. This paper further confirms that there is the endogenous volatility in the market based on an artificial stock market. Finally it is demonstrated the herd behavior of institutional investors cause abnormal fluctuations in the market.展开更多
Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor...Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor holdings(IIH)exhibited smaller losses than their counterparts in response to a US presidential memo announcing a trade conflict.We also examined the heterogeneous effects of this conflict on firms.The positive effect of IIH was larger for firms with foreign exposure and firms located in provinces with a higher degree of marketization.Institutional investor holdings helped to reduce firms'cost of refinancing and improved their long-run performance given the same shortterm loss in response to the US presidential announcement during the trade conflict.These findings explain the role of institutional investors in alleviating the effects of the US-China trade conflict and achieving financial stability from a micro-perspective.The results have policy implications for corporate governance and financial market stabilization in response to trade policy uncertainty.展开更多
Using modern economic theories,this paper analyzed drawbacks of Shareholding cooperative development of agricultural cooperatives in institutional design and expounded inevitable difficulties of development of agricul...Using modern economic theories,this paper analyzed drawbacks of Shareholding cooperative development of agricultural cooperatives in institutional design and expounded inevitable difficulties of development of agricultural cooperatives. Shareholding cooperative development provides a pass for many social forces entering and controlling agricultural cooperatives and making numerous non-agricultural cooperative organizations become formal cooperatives. Deep cause for Shareholding cooperative development of agricultural cooperatives involves how to recognize status and function of family producers of agricultural products in the drive of agricultural modernization and the problem of state policies choosing family producers of agricultural products or other participants in the agricultural industry chain. Shareholding cooperative development is only an expedient measure in certain period,and it should not change development laws of things and essential feature of agricultural cooperatives because of stressing national conditions.展开更多
基金supported by the National Nature Science Foundation under Grant No.71201124
文摘In the context of vigorously developing China＇s securities market institutional investors in the period of economic transition, this paper does the empirical research on the herd behavior from the view of the interaction between individual and institutional investors. This paper adopts the standard deviation of trading volume the cross-section to measure herd behavior. The results show that no matter what the market is in bull status and bear status, institutional investors perform herd behavior and with the expansion of the shareholding scale in a bull market, the herd behavior is higher, which suggests that the vigorous development of institutional investors has not eliminated herd behavior. This paper further confirms that there is the endogenous volatility in the market based on an artificial stock market. Finally it is demonstrated the herd behavior of institutional investors cause abnormal fluctuations in the market.
基金the National Natural Science Foundation of China(Nos.71803124 and 72273080)National Social Science Fund of China(No.21&ZD082)the Shuguang Program of Shanghai Education Development Foundation and Shanghai Municipal Education Commission。
文摘Employing an event study approach to the US-China trade conflict,we found that this conflict had an overall negative effect on the stock market performance of Chinese listed firms,but firms with institutional investor holdings(IIH)exhibited smaller losses than their counterparts in response to a US presidential memo announcing a trade conflict.We also examined the heterogeneous effects of this conflict on firms.The positive effect of IIH was larger for firms with foreign exposure and firms located in provinces with a higher degree of marketization.Institutional investor holdings helped to reduce firms'cost of refinancing and improved their long-run performance given the same shortterm loss in response to the US presidential announcement during the trade conflict.These findings explain the role of institutional investors in alleviating the effects of the US-China trade conflict and achieving financial stability from a micro-perspective.The results have policy implications for corporate governance and financial market stabilization in response to trade policy uncertainty.
文摘Using modern economic theories,this paper analyzed drawbacks of Shareholding cooperative development of agricultural cooperatives in institutional design and expounded inevitable difficulties of development of agricultural cooperatives. Shareholding cooperative development provides a pass for many social forces entering and controlling agricultural cooperatives and making numerous non-agricultural cooperative organizations become formal cooperatives. Deep cause for Shareholding cooperative development of agricultural cooperatives involves how to recognize status and function of family producers of agricultural products in the drive of agricultural modernization and the problem of state policies choosing family producers of agricultural products or other participants in the agricultural industry chain. Shareholding cooperative development is only an expedient measure in certain period,and it should not change development laws of things and essential feature of agricultural cooperatives because of stressing national conditions.
