This paper investigates the trading behavior of ambiguity-loving investors and the corresponding impacts on asset price. The ambiguity-loving attitude increases investors' willingness to participate in the risky asset market. Their rising participation gradually crowds out ambiguity-averse and...

This study extends the multi-asset model of Huang et al. (2017), who examine only two types of investors, by adding a new investor type with partial information on the correlation coefficient and re-explores the limited participation phenomenon under correlation ambiguity. We investigate whether...

We examine the roles of bank ownership and CEO political faction membership in facilitating or hindering the implementation of central bank policy in China. Specifically, we examine the response of China’s commercial banks to People’s Bank of China (PBC) guidelines intended to decrease...

This paper addresses whether institutionalization could improve market efficiency by differentiating the sector size effect and the market concentration effect and studies their respective impacts on investors' market participation and asset pricing. We develop a theoretical model under...

Purpose This study aims to present a type of metamorphic mechanism-based quadruped crawling robot. The trunk design of the robot has a metamorphic mechanism, which endows it with excellent crawling capability and adaptability in challenging environments. Design/methodology/approach The robot...