Margin trading, short selling, and bond yield spread

Using a quasi-natural experiment, this study examines the effects of margin trading and short selling on bond yield spread in China. It finds that both margin trading and short selling can reduce bond yield spread. Additionally, it finds that margin trading lowers firms’ debt ratios and increases their credit ratings, which explains the reduced spread. In other words, margin trading can impact investors’ decisions by revealing positive information about a firm. Another finding is that short selling lowers the bond yield spread by decreasing earnings management, suggesting that short selling has an impact on investors’ decisions through its effect on corporate governance. Our results suggest that margin trading transmits positive information and short selling impacts firms’ policies. These results provide support for future regulations of margin trading and short selling. Keywords: Margin trading, Short selling, Bond yield spread, Information spillove

Early evidence of trepanation along the Yellow River Basin in Neolithic China

AbstractTrepanation is a long-lasting ancient practice found around the world with diverse motivations. However, the distribution and motivation of intentional trepanation in China remain unclear. This study presents one of the earliest trepanations on a male adult individual who is unearthed from the Shuanghuaishu site in Gongyi, Henan, dating back to the late Yangshao cultural period (3500–2900 BC). The macroscopic and microscopic observation, alongside with micro-CT scan, are conducted to further evaluate the conditions on the edges of the perforation and intracranial situation. The oval perforation is located on the occipital bone, and neither fracture nor apparent healing signs are observed on the margins. Archeological evidences and simulated experiment indicate that the trepanation could be conducted by drilling the tables of the skull with a V-bladed stone tool. In view of the location of the perforation and the limited details on the edges, the motivation behind the trepanation could be due to the medical treatment of trauma on the occipital bone or a postmortem ritual. The analysis of the early trepanation along the Yellow River Basin provides further evidence on the ancient human behavior and enriches our understanding of the origin and distribution of trepanation in Neolithic China.</jats:p

Offline social capital, online social capital, and fertility intentions: evidence from China

Abstract China has experienced both ultra-low fertility and moderate aging in recent years, both of which pose serious challenges to the country’s development. Previous studies have shown that social capital is one of the most important factors that influences fertility intentions, but so far empirical research on the relationship between social capital and fertility intentions is very limited. Therefore, this study aims to explore the impact of social capital on fertility intentions and its underlying mechanisms by combining offline and online social capital. Based on data from the Chinese General Social Survey, the fertility intentions of 7,518 respondents aged 18–60 years were analyzed and broken down by sex, region, and age. The marginal effects and mechanisms of offline and online capital on fertility intentions were explored using an ordered probit (oprobit) model, which revealed that individuals’ fertility intentions are positively influenced by offline social capital but negatively influenced by online social capital. The role of social capital in shaping individuals’ fertility intentions also varies by gender, region, and age. Women, eastern region groups, and those aged 30–60 years are more influenced by offline social capital, and their intentions become stronger as offline social capital accumulates. However, online social capital negatively affects the fertility intentions of women, Midwesterners, and 18–29 year olds. Furthermore, online and offline social capital mainly influence individuals’ fertility intentions by affecting their perceptions of pensions, filial piety, and “social justice”. Our findings suggest that increasing the value that individuals place on social capital is crucial for improving fertility intentions in China