This paper provides a time-series test for the Differences-of-Opinion theory proposed by Hong and Stein (2003) in the aggregate market, thus extending Chen, Hong, and Stein's (2001) cross-sectional test for this theory across individual stocks. An autoregressive conditional density model with a...

This paper shows that the firm size (SZ) and the book-to-market ratio (BM) cannot fully explain stock returns on prior-return-based portfolios in Japan. The overreaction effect after controlling for SZ and BM effects is significant and plays an important role in explaining the zero-investment...

The difficulty of short-selling stocks in the Chinese markets conforms to the assumption of the quot;Differences-of-Opinionquot; theory and therefore, provides an empirical framework for testing the theory. Our results show evidence supporting the theory: heavier trading predicts a more...

This article investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms' commission income derived from each mutual fund client as well as the share holdings of these...

3D (Three-dimensional) ZnO (zinc oxide)/rGO (reduced graphene oxide)/ZnO sandwich-structured were synthesized by adding zinc oxide powder to the reaction of graphitic oxide reduction and heating. In this reaction, ZnO nanorods arrays with the size of 20–40 nm grew on both surfaces of rGO...

Sustainable energy production and consumption is one of the issues for the sustainable development strategy in China. As China’s economic development paradigm shifts, household energy consumption (HEC) has become a focus of achieving national goals of energy efficiency and greenhouse gas...

This study examines how the Chinese state-owned banks allocate loans to private firms. We find that the banks extend loans to financially healthier and better-governed firms, which implies that the banks use commercial judgments in this segment of the market. We also find that having the state...