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
Shanghai went into the ranks of the aging society in 1979, as the first area which entered into the aging society in China. Along with the arrival of the ageing, the nursing problems of the old man and disabled elderl...Shanghai went into the ranks of the aging society in 1979, as the first area which entered into the aging society in China. Along with the arrival of the ageing, the nursing problems of the old man and disabled elderly become the important factors which affect social development. The establishment of the legal system, System integration to realize resource optimal allocation, Division of multilevel optimization services provide new pattern can make it happen.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
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.
文摘Shanghai went into the ranks of the aging society in 1979, as the first area which entered into the aging society in China. Along with the arrival of the ageing, the nursing problems of the old man and disabled elderly become the important factors which affect social development. The establishment of the legal system, System integration to realize resource optimal allocation, Division of multilevel optimization services provide new pattern can make it happen.
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.
