Illiquid assets require a return premium; illiquidity is also a limit-to-arbitrage. We find that Amihud’s (2002) illiquidity premium is significantly higher among underpriced stocks than among overpriced stocks. Excluding the most mispriced stocks leads to a higher and more reliably estimated...

We develop a model of temporary short-selling bans by extending the infinite-horizon speculative bubble model of Scheinkman and Xiong (2003). Our model predicts that a temporary short-selling ban leads to a price inflation that is the highest at the beginning of the ban and gradually converges...

We develop a model of temporary short-selling bans by extending the infinite-horizon speculative bubble model of Scheinkman and Xiong (2003). Our model predicts that a short-selling ban leads to a price inflation that is the highest at the beginning of the ban and gradually converges to zero at...

Using a comprehensive set of 103 equity strategies, we analyze the value of volatility-managed portfolios for real-time investors. Volatility-managed portfolios do not systematically outperform their corresponding unmanaged portfolios in direct comparisons. Consistent with Moreira and Muir...

The importance of investment portfolio allocation has become more apparent since the onset of the late 2000s Great Recession. Individual willingness to take financial risks affects portfolio decisions and investment returns among other factors. Previous research found that people of different...

The authors wish to make the following corrections to this paper [1]. [...]

Based on Game Theory and Multi-objective optimization problems (MOP), Game Optimization Theory (GOT) is discussed in this paper. Optimization Stability Analysis (OSA), Distance Entropy Multi-Objective Particle Swarm Optimization (DEMPSO) and Fuzzy Multi-weights Decision-making Method (FMW) are...

Using the 2008 Survey of Chinese Consumer Finance and Investor Education and the 2007 Survey of Consumer Finances, this study compared saving motives between Chinese and American urban households. Results showed that, compared with their American counterparts, Chinese households were more likely...

Phytoplankton are sensitive to changes in river ecosystems. However, the spatial impacts of dams on phytoplankton communities have not been well documented, and the relationships between environmental drivers and phytoplankton communities in different types of river reaches need to be further...

China's One Belt and One Road initiative is meaningful in building new types of international relations. China and Russia share similarities in their histories of development, industrial structures, and geographical locations, which are instrumental in building the China-Russia Free Trade Zone....