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Sentiment Effects on Chinese Share Prices and Savings Deposits: The 2003-2007 Experience 情绪对中国股票价格和储蓄存款的影响:2003-2007年的经验
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2008-07-01 DOI: 10.2139/ssrn.1281000
R. Burdekin, Luke Redfern
{"title":"Sentiment Effects on Chinese Share Prices and Savings Deposits: The 2003-2007 Experience","authors":"R. Burdekin, Luke Redfern","doi":"10.2139/ssrn.1281000","DOIUrl":"https://doi.org/10.2139/ssrn.1281000","url":null,"abstract":"This paper examines the importance of sentiment effects on asset allocation decisions in mainland China and beyond. Rising stock market sentiment is found to negatively and significantly impact Chinese savings deposit growth over the 2003-2007 period. Investor sentiment also exerted consistently significant effects on the discounts attached to Chinese B-shares, H-shares and ADRs by foreign investors. Although the sample period is limited by availability of the sentiment data, the indicated effects remain most robust when controlling for relative stock market performance, liquidity levels, expected exchange rate movements, and such 'indirect' sentiment measures as market and firm-specific price-earnings ratios.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128880915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Where Have All the Heroes Gone? A Self-Interested, Economic Theory of Heroism 英雄们都到哪里去了?英雄主义的利己主义经济理论
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2008-05-01 DOI: 10.2139/ssrn.1147136
S. Blomberg, G. Hess, Y. Raviv
{"title":"Where Have All the Heroes Gone? A Self-Interested, Economic Theory of Heroism","authors":"S. Blomberg, G. Hess, Y. Raviv","doi":"10.2139/ssrn.1147136","DOIUrl":"https://doi.org/10.2139/ssrn.1147136","url":null,"abstract":"Heroism is a valued part of any society, yet its realization depends on the decisions of individual actors and a public reward to individuals who undertake heroic actions. Military combat related activities provide a useful starting point for thinking about the empirical nature of heroism. Interestingly, if we define heroism by those who have been awarded military honors such as the Congressional Medal of Honor, the number of heroes has actually fallen in the past 35 years. We develop a theory to explain heroism in a rational decision-making framework, and we model the case in which individuals respond to danger to themselves and others based on the costs and benefits associated with acts of courage. We also provide insight into how a government may wish to optimally subsidize heroic actions. We then use our model to understand why the observed decline in heroism could, in fact, be both an optimal individual and social response.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132507566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Gambling By Auctions 拍卖赌博
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 2007-04-17 DOI: 10.2139/ssrn.905606
Y. Raviv, G. Virág
{"title":"Gambling By Auctions","authors":"Y. Raviv, G. Virág","doi":"10.2139/ssrn.905606","DOIUrl":"https://doi.org/10.2139/ssrn.905606","url":null,"abstract":"We provide theoretical and empirical analysis of a selling mechanism used by an Internet web-site that combines important features of auctions and gambling. This is the first analysis of such a selling mechanism, which provides insights into how the two kinds of behavior might be related in real life. The winner of the object is the bidder with the highest bid not submitted by any other bidder. In the equilibrium of our game theoretical model, each bid made with positive probability yields the same probability of winning. Bidders are more likely to submit higher bids, and the bid distribution does not depend on the value of the object or the highest bid allowed if one controls for the number of bidders. Most of these key theoretical predictions are confirmed by the data.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123186602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 36
Discrete Pricing and the Design of Dealership Markets 离散定价与经销市场设计
Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series Pub Date : 1996-10-01 DOI: 10.2139/ssrn.96
D. Bernhardt, Eric N. Hughson
{"title":"Discrete Pricing and the Design of Dealership Markets","authors":"D. Bernhardt, Eric N. Hughson","doi":"10.2139/ssrn.96","DOIUrl":"https://doi.org/10.2139/ssrn.96","url":null,"abstract":"This paper incorporates institutional features of trading markets including the discrete nature of the price grid and determines the consequences for prices and strategic behavior. Interactions between market makers is complex: because equilibrium prices are not determined by a zero-expected-profits condition, priority rules and the timing offers have significant effects on equilibrium outcomes. Discreteness effectively limits competition and permits market makers to offer pro table quotes. When traders first submit orders, absolute time priority leads to the \"best\" price schedule, one which is \"better\" than that obtained from quote driven institutions where market makers submit price schedules first.","PeriodicalId":407431,"journal":{"name":"Claremont McKenna College Robert Day School of Economics & Finance Research Paper Series","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131354144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 29
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