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We form portfolios based on return and liquidity and examine the effects of liquidity and other risk factors on asset pricing in the Chinese stock market. Our results show that the past loser-and-illiquid stock portfolios tend to outperform the past winner-and-liquid stock portfolios in the 1–12 months holding period. The excess return is significantly associated with the market-wide liquidity factor even when we control the three Fama-French and momentum factors. Cross-sectionally, the liquidity beta significantly affects the excess return even with control of other risk betas and other traditional liquidity proxies.

In the stock market, herding behavior occurs when investors mimic the actions of others in their investment decisions. As a result, the market becomes inefficient and speculative bubbles form. This study aims to investigate the relationship between information, overconfidence, market sentiment, experience and national culture, and herding behavior among Malaysian investors. A total of 400 questionnaires are distributed to bank institutions' investors. The survey design based on cross-sectional data is analyzed using the Partial Least Squares Structural Equation Model. The results indicate that information, market sentiment, experience, and national culture are positively related to herding behavior, while overconfidence has no effect. With this, the government should strengthen regulations to prevent the dissemination of misleading information. Moreover, investors are encouraged to overcome narrow thinking by expanding their understanding of different cultures when making investment decisions.

This chapter looks at the state of current research in comparative and international education, and argues that much research is focused on practical policy concerns and driven by funding or other rewards for publishing. Theoretical explorations have been moved from the agenda, partly by external forces, and partly by internal movements that militate against ambitious theory building and critical analysis of key concepts. With a focus on the meliorative purposes of comparative and international education, too much research says little more than could have been found with a little reflection. And this is especially true of research that seeks to illuminate the attitudes of one or another group of stakeholders in the educational process.

The theory of third order inference is a theory of how cultural beliefs influence individuals' decisions under conditions of interdependence and uncertainty. In this study, I build on prior work extending the theory to the role of third order information on social trust in public goods dilemmas. Namely, I argue that when second order information on the beliefs of those relevant to the group task are present, this information should influence decision-making over first and third order.

I test this argument in an experimental public goods game. After measuring first order social trust, participants are randomly sorted into one of four conditions – two that pair third and second order information on social trust as parallel and two that pair them as in conflict.

The results suggest that in the presence of second order information on social trust, third order information doesn't have an effect on cooperation.

The study extends the theory of third order inference to understanding the role of social trust at the first, second, and third levels in public goods dilemmas. It puts second order information in competition with third order in predicting cooperation. It suggests that resolving the uncertainty over the second order beliefs of a collective is key to preventing inefficient equilibriums when second and third order beliefs conflict.