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 ...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.展开更多
This paper develops a theoretical model to describe how exporting firms manage their inventory stocks in response to an exogenous trade policy uncertainty shock.Using firm-level data from China Industrial Enterprise D...This paper develops a theoretical model to describe how exporting firms manage their inventory stocks in response to an exogenous trade policy uncertainty shock.Using firm-level data from China Industrial Enterprise Database and China Customs Database on inventory and exports over the period around China's WTO accession,we show that a reduction in trade policy uncertainty significantly increased exporting firms'inventory holdings.The result wasrobust tovarious robustness checks.This effect was found to be stronger for private and foreign firms than state-owned enterprises and mainly driven by firms from the coastal region.We also found that the reduction in trade policy uncertainty increased the frequency and the average volume of export transactions,and that this was the mechanism behind the effect.This paper helps to understand exporting firms'optimal inventory problem arising from tradepolicyuncertaintyand shocks.展开更多
基金National Natural Science Foundation of China(Grant No.7167030951).
文摘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.
文摘This paper develops a theoretical model to describe how exporting firms manage their inventory stocks in response to an exogenous trade policy uncertainty shock.Using firm-level data from China Industrial Enterprise Database and China Customs Database on inventory and exports over the period around China's WTO accession,we show that a reduction in trade policy uncertainty significantly increased exporting firms'inventory holdings.The result wasrobust tovarious robustness checks.This effect was found to be stronger for private and foreign firms than state-owned enterprises and mainly driven by firms from the coastal region.We also found that the reduction in trade policy uncertainty increased the frequency and the average volume of export transactions,and that this was the mechanism behind the effect.This paper helps to understand exporting firms'optimal inventory problem arising from tradepolicyuncertaintyand shocks.
