Purpose: Summarized and sorted career success evaluation indicators of skilled employees. Design/methodology/approach: Based on Grounded Theory, through interviews and questionnaires to railway skilled employees. Findings: the study shows that "subjective career success", including work-family...

The way informed traders use their privileged information affects the properties of asset prices. This paper compares the market efficiency of the two most widely adopted informed trading paradigms: the Grossman-Stiglitz-style and the Kyle-style, in a unified three-period framework. The...

Purpose: Summarized and sorted career success evaluation indicators of skilled employees. Design/methodology/approach: Based on Grounded Theory, through interviews and questionnaires to railway skilled employees. Findings: the study shows that "subjective career success", including work-family...

This paper examines the usefulness of technical analysis (TA) from the perspective of detecting market liquidity demand. An informed trader and a number of uninformed technical traders employ TA and trade strategically with liquidity traders and risk-averse market makers in a dynamic equilibrium...

Motivated by a novel empirical finding that variance risk premium (VRP) predicts trading volume, we analyze an asset pricing model where agents are initially uncertain about their subjective models for interpreting public news announcements. Such a setting is micro-founded by ambivalence in...

This paper develops a dynamic model of prices and trades in a risky security and an option, where agents use different subjective likelihood functions to interpret a public signal, but they are initially uncertain about the signal precision or mean. Our model can explain the seemingly overpriced...

We develop a model in which investors have heterogeneous beliefs about both the mean and the risk of future signals and the final stock payoff. As investors who perceive the lowest risk vary across different periods, the overall perception of the market risk is reduced in an economy with dynamic...

This paper reviews the history of the China Bond market, takes a look at its current market structure, and examines its market performance and market prospects. Domestic commercial banks are dominant investors in the interbank market, but foreign investors have limited access to the market at...

We derive an equilibrium price that converges to be strong-form informationally efficient in the original Grossman-Stiglitz model (1980). Specifically, we show that when the private signal converges to be perfect or traders converge to be risk neutral, there exists a unique overall equilibrium...

We analyze how speculative financial innovation affects stock prices, option prices, risk premium, market liquidity, and investor welfare in an economy with heterogeneous beliefs. When investors disagree about the covariance of the newly introduced stocks with the original stocks, we show that...