China launched a pilot scheme in March 2010 to lift the ban on short-selling and margintrading for stocks on a designated list. We find that stocks experience negative returns when added to the list. After the ban is lifted, price efficiency increases while stock return volatility decreases. Panel data regressions reveal that intensified short-selling activities are associated with improved price efficiency. Short-sellers trade to eliminate overpricing by selling stocks with higher contemporaneous returns following a downward trend, and their trades predict future returns. In contrast, we find intensified margin-trading activities for stocks with lower contemporaneous returns, and these trades have no return predictive power.
Reconstruction of a continuous surface of two-dimensional manifold from its raw, discrete point cloud observation is a long-standing problem in computer vision and graphics research. The problem is technically ill-posed, and becomes more difficult considering that various sensing imperfections would appear in the point clouds obtained by practical depth scanning. In literature, a rich set of methods has been proposed, and reviews of existing methods are also provided. However, existing reviews are short of thorough investigations on a common benchmark. The present paper aims to review and benchmark existing methods in the new era of deep learning surface reconstruction. To this end, we contribute a large-scale benchmarking dataset consisting of both synthetic and real-scanned data; the benchmark includes object-and scene-level surfaces and takes into account various sensing imperfections that are commonly encountered in practical depth scanning. We conduct thorough empirical studies by comparing existing methods on the constructed benchmark, and pay special attention on robustness of existing methods against various scanning imperfections; we also study how different methods generalize in terms of reconstructing complex surface shapes. Our studies help identify the best conditions under which different methods work, and suggest some empirical findings. For example, while deep learning methods are increasingly popular in the research community, our systematic studies suggest that, surprisingly, a few classical methods perform even better in terms of both robustness and generalization; our studies also suggest that the practical challenges of misalignment of point sets from multi-view scanning, missing of surface points, and point outliers remain unsolved by all the existing surface reconstruction methods. We expect that the benchmark and our studies would be valuable both for practitioners and as a guidance for new innovations in future research. We make the benchmark publicly accessible at https://Gorilla-Lab-SCUT.github.io/SurfaceReconstructionBenchmark.
When a firm cross-lists its shares in segmented markets, the price of the first issued share, as a reference, plays both an informational and anchoring role in pricing the second issued share. We develop a model illustrating the dual-role. Empirically, we examine a group of Chinese firms that first issue foreign shares and then domestic A-shares, for which the anchoring effect adds to the Ashare underpricing. Consistent with the model predictions, we find that the A-share underpricing is positively related to the difference in costs of capital in the two segmented markets, and that this positive association is weaker when participants are less likely to resort to the anchoring heuristic and when the A-share valuation involves less uncertainty.
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