Observational learning theories often assume that people’s actions can be observed. Nevertheless, in many naturally occurring environments, individuals can choose whether to disclose their behavior to others. We theoretically analyze various disclosure rules and show that learning can be more...

This paper investigates whether non-overlapping trading time between two markets can cause return predictability from one market to another. We select cross-listed stocks in mainland China and Hong Kong. A weak return predictability is found in short horizon but no predictability exists in long...

Using the upper price limit-hitting events, in the Shanghai Stock Exchange in China, as the basis for comparison, we find that limit-hitting stocks in the top-ten ranking list of daily returns attract investors' attention, and bring about significant abnormal return in excess of those...