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The purpose of this paper is to empirically examine the impact of closing mechanism changes on market quality, investor trading behavior and market manipulation in the Shanghai stock market.

A dummy variable is constructed indicating whether the closing mechanism is call auction or continuous auction. Market quality is measured from aspects of liquidity, volatility and price continuity; investor trading behavior is scaled by order timing and order aggressiveness, and a price deviation indicator is the proxy of manipulation. Using panel regression, this study examines the impact of closing mechanism changes based on intraday transaction data from the Shanghai stock market.

The conclusions are as follows: First, market quality improves after the closing mechanism is reformed in terms of liquidity, volatility and price continuity. Second, order strategy changes significantly in the closing call market, and investors trade more aggressively in the continuous trading period before closing. Third, the closing call mechanism restrains the closing price manipulation and thus prompts an efficient closing price.

This paper examines the policy effects of closing mechanism changes from aspects of market quality, trading behavior and price manipulation, providing pieces of evidence for trading mechanism design and market supervision in emerging markets.

The purpose of this paper is to explain what information is contained in mutual funds' trading behaviors and to try to further assess the impact on the stock market.

The objective is achieved by an empirical examination using the high‐frequency intraday data. The main methods used for the research are the autoregressive conditional duration model and the UHF‐GARCH model.

This paper gives an empirical study of mutual funds' behavior on two aspects. The first aspect is the direct impact on micro variables. The results show that mutual funds changing their positions will have different influences to the spread, adding position broadens the spread, while decreasing position makes the spread narrow; behaviors of funds change the clustering characteristic of the duration. The second aspect is the impact on the relationships among micro variables. The results indicate that trading started by liquidity buyers will make volatility larger.

This paper supposes funds as informed traders and individual investors as liquidity traders in China's stock market. If it is not true, some interpretations of empirical results would be wrong. The authors' results may help researchers to understand the information content of funds' trading behaviors in the microstructure aspect.

The paper is an original work, which will be interesting to scholars in market microstructure and to practitioners in the Chinese stock market. The main contributions of the paper are: the use of high‐frequency data to study funds' behaviors and combine the trading duration and investors' trading behavior to analyze the information content of trading behaviors; second, the use of 14 stock samples in the Shanghai Stock Exchange to do the empirical study, which ensures the reliability of the results.

Off-farm employment is an important factor associated with fertility transition in many developing countries. The purpose of this paper is to investigate the impact of female off-farm employment on their fertility desire in rural China.

Based on the data from the China Labor-force Dynamics Survey, the authors adopt an instrumental variable approach to address the endogeneity issue. Desired number of children and desire for a second child are used to measure fertility desire.

The results show that off-farm employment participation significantly reduces women's desired number of children and the likelihood of their desire for a second child. Moreover, off-farm employment reduces women's fertility desire mainly through pathways including the weakening of son preference and a decrease in job autonomy, rather than the changes in leisure hours. Further evidence suggests that social health insurance plays an important role in moderating the adverse relationship between off-farm employment and the desire for a second child. The fertility-reducing effects are more pronounced among younger women, among those participating in off-farm wage employment and among families with only wives' participation in the off-farm labor market.

This paper contributes to the existing research by investigating the causal impact of off-farm employment on fertility desire in a rural developing context and the possible underlying mechanisms responsible for this relationship. This study provides important insights on this topic in developing countries and may have important implications for theory and practice.

The purpose of this paper is to analyze the reason for Chinese local officials' enthusiasm towards cultivating newly listed firms within their jurisdictions.

With new initial public offering (IPO) firms on the Chinese A‐share market over 1999‐2003 as samples, and using excessive employment as a measure of the carrying level of firms for political objectives of local governments, this study systematically investigates the change in policy burden for Chines firms before and after going public, the influence factors and their economic consequences.

The authors show that compared with before going public, the excessive employment of firms substantially increased upon going public, among which firms, state‐owned enterprises with better performances and private enterprises with closer links with government are heavier burdened with excessive employment. Furthermore, it was found that the increase in excessive employment upon going public can substantially aggravate the underperformance of IPO firms.

The findings in this study indicate that the new IPO firms do help local officials better realize their political objectives, and the local governments do actively use their rights of control or influence in pursuing their political appeals, and the political appeals of local officials brought loss of real economic efficiency to newly increased IPO firms.

This paper shows that the prime mover of Chinese local government in promoting securitization of local assets is effectively preserved by partial privatization, which is designed with the original intention of preserving governmental control over the economy.

The paper explains the Chinese local governments' enthusiasm for building capital provinces for reasons other than economic growth, i.e. political objectives; the paper provides evidence of how the political appeals of officials influence the capital market from the circumstance of government official selecting system, and builds a possible bridge in the relationship between government interventions and underperformance of the Chinese partially‐privatized firms.