...Changfeng Cui; Hailong Liu; Yi Zhang Purpose Credit spread change is a key issue for investors to earn the excess return from corporate bonds. Generally, there are two kinds of different effects that support the changing of credit spread: asset allocation effect and credit risk change effect...

...Mingchao Cai; Jun Zhao; Rulu Pan; Haozhi Huang Purpose The purpose of this paper is to empirically analyze the relationship between risky asset allocation and background risk of Chinese residents. Design/methodology/approach Using Chinese macroeconomic data, this study uses numerical method...

...Tian Liang Purpose The purpose of this paper is to examine the implications of asymmetric information for price evolution and investor behavior under a rational expectations framework. Design/methodology/approach The author presents a simple asymmetric information‐based asset‐pricing model...