After the financial crisis in 2008, the world becamemore aware of the importance of the systemic risk. Within China's financial system, commercial banks have a dominant position. Therefore, the study of systemic risk of the banking industry in China has an important and real meaning. The present...

This study reports the results of fifteen experimental asset markets designed to investigate the effects of forecasts on market prices, traders' abilities to assess asset value, and the link between the two. Across the fifteen markets, the authors investigate alternative forecast-generating...

This study reports the results of fifteen experimental asset markets designed to investigate the effects of forecasts on market prices, traders' abilities to assess asset value, and the link between the two. Across the fifteen markets, the authors investigate alternative forecast-generating...

Using the Tick-Size Pilot Program, we show that tick-size increases in treated firms cause a significant reduction in stock price crash risk. Earnings management and algorithmic trading are the two key channels of impact. We also show that sophisticated investors such as short-sellers are...

Using the Tick-Size Pilot Program, we show that tick-size increases in treated firms cause a significant reduction in stock price crash risk. Earnings management and algorithmic trading are the two key channels of impact. We also show that sophisticated investors such as short-sellers are...