The implementation of the "second child policy" and the influx of large numbers of people have led to an increase in the population of Zhejiang Province in China, placing pressure on the environment, health care, and education. In this context, this study intends to use the...

Agents in a network want to learn the state of the world from their own signals and their neighbors' reports. But they are cognitively-constrained: they have finite and heterogeneous cognitive abilities. We model cognitive ability as a measure of their sophistication when they reason on behalf...

Using a trading volume-based measure, we study the differences between institutional and individual investors in herding. First, better-informed institutional investors trade more selectively, whereas less-informed individuals allocate their investments evenly across stocks. Second, individual...

We conjecture that an introduction of the Hong Kong Hang Seng Chinese Enterprise Stock Index (H-share Index) futures induces additional speculating activities in the underlying equities, leading to an increase in volatility and volume of the underlying stocks. Whereas, a subsequent introduction...

We investigate the daily relation between returns and the trading of Shanghai Stock Exchange 180 stocks by institutional and individual investors. We find that there is a positive relation between returns and the trading of institutions and individuals. Both individuals and institutions trade,...