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The People's Republic of China has increasingly become an attractive location for foreign capital. The flow of foreign capital into mainland China includes the so-called northbound cash flow which is a colorful term that is often used to describe capital flowing into the mainland from Hong Kong. Two markets that have become an attractive destination for northbound cash flow is the Shanghai stock exchange and the Shenzhen stock exchange. This paper investigates the impact, if any, of northbound cash flows on investor sentiment for investors residing in mainland China. In other words, the paper attempts to ascertain whether the extent of northbound cash flows influences the extent to which mainland investors feel either bullish or bearish about the market. The research objective is addressed using quantitative models and focuses on the Shanghai and Shenzhen stock exchange. Research results indicate that northbound cash flows from Hong Kong significantly impacts investor sentiment in mainland China. [ABSTRACT FROM AUTHOR]

• Size-resolved Effective density of submicron atmospheric particles in Shenzhen were measured online using DMA-CPMA-CPC combined system. • Bimodal distribution feature of particle effective density was identified, including a main density mode and a sub density mode, by bimodal Gaussian fitting. • Particle effective density exhibited a high occurrence frequency of bimodal distribution, and two density modes exhibited opposite size distribution trends. • Effective density variation was highly correlated with the proportion of OA, sulfates and BC. Effective density (ρ eff) is one of the most important physical properties of atmospheric particles, providing important references in exploring the emissions and aging processes of fresh particles. In this study, a combined system of differential mobility analyzer, centrifugal particle mass analyzer, and condensation particle counter was used to periodically measure the ρ eff of atmospheric particles in Shenzhen from Oct. 2021 to Jan. 2022. Results showed that the ρ eff of particles with various size presented a bimodal distribution, which could be divided into main density (ρ m , main peak, corresponding to relatively dense particles after aging) and sub density (ρ s , sub peak, corresponding to fresh particles). The occurrence frequencies of ρ s of particles with diameters of 50 and 80 nm were less than 20%, but were as high as about 40% of that with diameters from 120 to 350 nm. The ρ m showed increasing trend with the size of particles, while ρ s decreased as the increasing of the size of particles. The ρ eff on pollution day varied significantly with chemical compositions. The increasing of the proportion of sulfate could promote the increasing of ρ eff , while black carbon and organic matter caused opposite effects, which may be related to various factors, including the difference of the material density and morphology of various chemical components. The ρ eff of 50, 80 and 120 nm particles decreased considerably during the new particle formation event, indicating that organic condensation was an important contributor to new particle growth. [ABSTRACT FROM AUTHOR]