Social and Behavioral Sciences Commons^™

A Sufficient Condition For The Tops-Only Property Of Strategy-Proof Social Choice Functions In The Case Of Two Voters, Huaxia Zeng

Dissertations and Theses Collection (Open Access)

In this thesis, we consider the standard voting model with a finite set of alternatives A and 2 voters, and address the following question: besides Domains D satisfying the

Property T (Chatterji & Sen (2011) ), what are other characteristics of domains that induce every strategy-proof and unanimous social choice function f : Dn → A to satisfy the tops-only property? We impose a minimal richness condition which ensures that for every alternative a ∈ A, there exists a preference ordering where a is maximal. We identify a more general condition on domains that is sufficient for strategy-proofness …

Abnormal Trading Volume, Stock Returns And The Momentum Effects, Ying Zheng

Dissertations and Theses Collection (Open Access)

This paper intends to study the intermediate-term momentum and long-term reversal of stock prices by investigating the informational role of unusual trading volume for winner and loser stocks. I argue that unusual trading volume has different implications for winner and loser stocks. Specifically, high trading volume for losers is driven by purchases made by informed investors; while high trade volume for winners could be driven by either information or representativeness bias or both. The arguments are tested in the paper by showing that in the short run, losers/winners with high abnormal trading volume outperform losers/winners with low abnormal trading volume; …