Published in Journal of Empirical Finance, 2018
We use data from a major peer-to-peer lending marketplace in China to study whether female and male investors evaluate loan performance differently.
Recommended citation: Chen, J., Jiang, J., & Liu, Y. J. (2018). Financial literacy and gender difference in loan performance. Journal of Empirical Finance , 48, 307-320.
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Published in Journal of Comparative Economics, 2020
This paper investigates the presence of local bias in the peer-to-peer (P2P) lending market and explores the social heterogeneous factors that may affect the formulation of the investor's local bias.
Recommended citation: Jiang, J., Liu, Y. J., & Lu, R. (2020). Social heterogeneity and local bias in peer-to-peer lending: Evidence from China. Journal of Comparative Economics, 48(2), 302-324.
Published in Quantitative Finance, 2022
This paper proposes the notion of the proper size interval for funds and the market redemption return in fund markets.
Recommended citation: Zhang, L., Jiang, J., & An, Y. (2022). Proper fund size: a perspective from both investors and fund managers. Quantitative Finance, 22(5), 923-942.
Published in Journal of Money, Credit and Banking, 2024
The degree of earnings manipulation has been shown to be positively associated with stock returns at the aggregate level but negatively so in the cross- section. We examine, both theoretically and empirically, the role of investor sentiment in accounting for such relations. We find that these patterns are primarily driven by high-sentiment periods. Embedding investor sentiment into a game-theoretic model of earnings manipulation with a continuum of firms delivers consistent predictions. Our analysis highlights the importance of increased scrutiny of corporate reporting during market booms, when manipulation is widespread and adds fuel to price exuberance.
Recommended citation: JIANG, J., LIU, Q., & SUN, B. (2024). Investor Sentiment, Managerial Manipulation, and Stock Returns. Journal of Money, Credit and Banking. Forthcoming
Graduate course, Shanghai Jiao Tong University, LEC, 2024