China launched a pilot scheme in March 2010 to lift the ban on short-selling and margin-trading for stocks on a designated list. We find that stocks experience negative returns when added to the list. After the ban is lifted, price efficiency increases while stock return volatility decreases....

When a firm cross-lists its shares in segmented markets, the price of the first issued share, as a reference, plays both an informational and anchoring role in pricing the second issued share. We develop a model illustrating the dual-role. Empirically, we examine a group of Chinese firms that...

We measure an individual stock’s misvaluation based on the deviation of its price from predicted intrinsic value. Both under- and overvalued stocks identified by this misvaluation measure exhibit greater valuation uncertainty and arbitrage difficulty, and the misvaluation measure strongly...

The well-documented volatility smile phenomenon in the US options market has affected the option settlement practices of other markets. To settle Hang Seng Index (HSI) options, the Hong Kong Stock Exchange artificially builds in a piecewise linear "smile" or "sneer" volatility function, which is...

Climatic characteristics of foreign low latitude plateau regions are firstly introduced. Then, experience and lessons of major foreign low latitude plateau countries in developing modern agriculture are analyzed, including Indian three agricultural revolutions and agricultural informationization...

This paper firstly summarized experience of Vietnam and Taiwan in developing modern agricultural manorial economy. The manorial economy of Vietnam is characterized by intensive and specialized operation and high marketization and wide employment of labors, while the experience of Taiwan can be...

Using a sample of 1674 international students in China, the present study explores sociocultural adaptation and its determinants. The results indicate that sociocultural adaptation among international students in China is largely shaped by the nature of the interaction with host nationals. In...

The primary purpose of our paper is to evaluate environmental performance as well as to model some nonseparable inputs and outputs using the data envelopment analysis (DEA) model. The efficiency analysis takes emission quota into consideration with the objectives of minimizing both total...

Using data of 6 pollution-free agricultural product bases in Guangxi Zhuang Autonomous Region, this paper analyzed content of heavy metals, including arsenic (As), mercury (Hg), lead (Pb), cadmium (Cd), and chromium (Cr) in soil. After Pb, Cd, Cr, Hg and As content in soil is determined, it...

The Malmquist productivity index studies productivity change, that is, the technical progress or regress together with the efficiency changes over time. In a nonparametric framework, the index can be estimated by data envelopment analysis (DEA). In this paper, first all inputs are divided into...