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PurposeThis paper investigates individual investors' responses to stock underpricing and how their trading decisions are affected by analysts' forecasts and recommendations.Design/methodology/approachThis empirical study uses mutual fund fire sales as an exogenous source that causes stock underpricing and analysts' forecasts and recommendations as price-correcting information. The study further uses regression analysis to examine individual investors' responses to fire sales and how their responses vary with price-correcting information.FindingsThe authors first show that individual investors respond to mutual fund fire sales by significantly decreasing net buys, and this effect appears to be prolonged. Next, the authors find that the decrease of net buys diminishes following analysts' price-correcting earnings forecast revisions and stock recommendation changes. Hence, the authors suggest that individual investors are not “wise” enough to recognize flow-driven underpricing; however, this response is weakened by analysts' price-correcting information.Originality/valueThere is an ongoing debate in the literature about whether individual investors should be portrayed as unsophisticated traders or informed traders who can predict future returns. The authors study a unique information event and provide new evidence related to both perspectives. Overall, our evidence suggests that the “unsophisticated traders” perspective is predominant, whereas a better information environment significantly reduces individual investors' information disadvantage. This finding could be of interest to both academic researchers and regulators.

Thymol-based botanical disinfectants have emerged as natural alternatives to traditional chemical disinfectants given their effectiveness as antimicrobial pesticides and ability to inactivate SARS-CoV-2. This study investigates the impact of botanical disinfectants on indoor air chemistry and human exposure. Controlled surface disinfection experiments were conducted in a mechanically ventilated zero-energy tiny house laboratory. Volatile organic compounds (VOCs) and aerosol size distributions were measured in real-time (1 Hz) with a proton transfer reaction time-of-flight mass spectrometer and a high-resolution electrical low-pressure impactor, respectively. Botanical disinfectant spray and wipe products drove sudden changes in the chemical composition of indoor air. Mixing ratios of monoterpenes (C10H16) and monoterpenoids (C10H14O, C10H16O, C10H18O, and C10H20O) increased suddenly during the disinfection events (10-1 to 102 ppb) and exhibited volatility-dependent temporal emission profiles. VOC emission factors ranged from 100 to 104 μg g-1, and thymol intake fractions ranged from 6 to 7 × 103 ppm. Rapid new particle formation events were observed due to ozonolysis of monoterpenes and monoterpenoids, increasing sub-100 nm particle number concentrations by 104 to 105 cm-3. Botanical disinfectant sprays initiated multiphase inhalation exposure to VOCs, secondary organic aerosol, and sub-10 μm droplets, with large deposited doses in each respiratory tract region associated with the latter two. ©

This paper examines the impact of large-scale alternative data on predicting consumer delinquency. Using a proprietary double-blinded test from a traditional lender, we find that the big data credit score predicts an individual’s likelihood of defaulting on a loan with 18.4% greater accuracy than the lender’s internal score. Moreover, the impact of the big data credit score is more significant when evaluating borrowers without public credit records. We also provide evidence that big data have the potential to correct financial misreporting.

With thousands of co-existing and competing platforms, the Chinese peer-to-peer (P2P) lending market experienced both high growth and high failure rate. We hand collect unique data for these P2P platforms and investigate the differences in performances and survivals for platforms with and without affiliations with state-owned enterprises (SOEs). P2P platforms with SOE affiliations have higher trading volumes, attract more investors, and offer lower interest rates. These platforms also survive significantly better than those without the SOE affiliations, especially during market downturns. Using P2P platforms with fake SOE affiliations as identification, we show that the SOE affiliation itself (not related to the fundamentals) is an important signal for P2P market participants. These results can be helpful to investors and regulators, especially those from other emerging markets.

NCl3 is formed as a disinfection byproduct in chlorinated swimming pools and can partition between the liquid and gas phases. Exposure to gas-phase NCl3 has been linked to asthma and can irritate the eyes and respiratory airways, thereby affecting the health and athletic performance of swimmers. This study involved an investigation of the spatiotemporal dynamics of gas-phase NCl3 in an aquatic center during a collegiate swim meet. Real-time (up to 1 Hz) measurements of gas-phase NCl3 were made via a novel on-line derivatization cavity ring-down spectrometer and a proton transfer reaction time-of-flight mass spectrometer. Significant temporal variations in gas-phase NCl3 and CO2 concentrations were observed across varying time scales, from seconds to hours. Gas-phase NCl3 concentrations increased with the number of active swimmers due to swimming-enhanced liquid-to-gas transfer of NCl3, with peak concentrations between 116 and 226 ppb. Strong correlations between concentrations of gas-phase NCl3 with concentrations of CO2 and water (relative humidity) were found and attributed to similar features in their physical transport processes in pool air. A vertical gradient in gas-phase NCl3 concentrations was periodically observed above the water surface, demonstrating that swimmers can be exposed to elevated levels of NCl3 beyond those measured in the bulk air.

The integration of Internet of Things (IoT)-enabled sensors and building energy management systems (BEMS) into smart buildings offers a platform for real-time monitoring of myriad factors that shap...

Surface cleaning using commercial disinfectants, which has recently increased during the coronavirus disease 2019 pandemic, can generate secondary indoor pollutants both in gas and aerosol phases. It can also affect indoor air quality and health, especially for workers repeatedly exposed to disinfectants. Here, we cleaned the floor of a mechanically ventilated office room using a commercial cleaner while concurrently measuring gas-phase precursors, oxidants, radicals, secondary oxidation products, and aerosols in real-time; these were detected within minutes after cleaner application. During cleaning, indoor monoterpene concentrations exceeded outdoor concentrations by two orders of magnitude, increasing the rate of ozonolysis under low (5 cm −3 ) resulted in respiratory tract deposited dose rates comparable to or exceeding that of inhalation of vehicle-associated aerosols.

Graphical abstract, The COVID-19 pandemic has resulted in increased usage of ethanol-based disinfectants for surface inactivation of SARS-CoV-2 in buildings. Emissions of volatile organic compounds (VOCs) and particles from ethanol-based disinfectant sprays were characterized in real-time (1 Hz) via a proton transfer reaction time-of-flight mass spectrometer (PTR-TOF-MS) and a high-resolution electrical low-pressure impactor (HR-ELPI+), respectively. Ethanol-based disinfectants drove sudden changes in the chemical composition of indoor air. VOC and particle concentrations increased immediately after application of the disinfectants, remained elevated during surface contact time, and gradually decreased after wiping. The disinfectants produced a broad spectrum of VOCs with mixing ratios spanning the sub-ppb to ppm range. Ethanol was the dominant VOC emitted by mass, with concentrations exceeding 103 μg m−3 and emission factors ranging from 101 to 102 mg g−1. Listed and unlisted diols, monoterpenes, and monoterpenoids were also abundant. The pressurized sprays released significant quantities (104–105 cm−3) of nano-sized particles smaller than 100 nm, resulting in large deposited doses in the tracheobronchial and pulmonary regions of the respiratory system. Inhalation exposure to VOCs varied with time during the building disinfection events. Much of the VOC inhalation intake (>60 %) occurred after the disinfectant was sprayed and wiped off the surface. Routine building disinfection with ethanol-based sprays during the COVID-19 pandemic may present a human health risk given the elevated production of volatile chemicals and nano-sized particles.

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Indoor air quality (IAQ) in office environments is important for the well-being of office workers. Poor IAQ can adversely affect human health and reduce occupant cognitive function and productivity. Indoor air includes a complex mixture of gases, such as volatile organic compounds (VOCs), O3, and CO2, along with airborne particulate matter (aerosols). VOCs can be released from exhaled breath, personal care products, building materials, and furnishings. O3 is a highly reactive gas that plays an important role in driving the oxidative capacity of indoor environments. Aerosols can be emitted indoors or delivered from outdoors via the HVAC system. Understanding how people and the operational mode of HVAC systems affect IAQ is essential to determine appropriate ventilation rates for office buildings. An intensive four-week field measurement campaign was conducted during winter 2019 in an occupied office and its HVAC system to investigate how occupancy and ventilation mode shape the composition and chemistry of indoor air. The office is part of a living laboratory facility, which are four reconfigurable, side-by-side large open-plan office spaces. An integrated building automation system is used for real-time monitoring and precise control of the HVAC system. The fraction of outdoor air varied from 0 to 100% and occupancy was tracked via chair-embedded thermocouples. State-of-the-art analytical and aerosol instrumentation was used to characterize the composition of indoor and outdoor air in real time, including VOCs, O3, CO2, and aerosols from 1 nm to 10 µm. Time-resolved concentrations of VOCs were monitored via proton transfer reaction time-of-flight mass spectrometry (PTRTOF-MS). A multi-point sampling system was built to sample VOCs, O3, and CO2 at eight locations throughout the air handling unit. Size distributions of aerosols were also sampled upstream and downstream the HVAC filter bank to explore the in-situ efficiency of the filters. Preliminary results suggest that occupancy and the fractional amount of outdoor air play a significant role in influencing the concentrations of VOCs, O3, CO2, and aerosols. Each species exhibited spatiotemporal variations in concentrations throughout the HVAC system. Human-associated emissions (exhaled breath, personal care products) were found to be the dominant source for numerous VOCs in the office. O3 oxidation of monoterpenes initiated the formation of nano-sized particles, while O3 oxidation of human skin oils produced VOCs such as 6-MHO and 4-OPA. In general, increasing the amount of outdoor air reduced concentrations of indoor-generated VOCs and CO2, while increasing levels of O3 and aerosols.

The abundance of super-micron biological and abiotic particles in occupied indoor environments can be influenced by time-dependent changes in human-associated emissions and building ventilation conditions. Real-time measurements of fluorescent aerosol particles (FAPs) were integrated with a building sensing platform to evaluate the influence of human occupancy and ventilation on the temporal dynamics of fluorescent biological and abiotic particles in a living laboratory office. Concentrations and size distributions of FAPs were measured via laser-induced fluorescence (LIF). Human occupants were identified as a major source of super-micron FAPs in mechanically ventilated office buildings. Mass concentrations and size distributions of FAPs larger than 3 μm scaled with human occupancy in the office. Detailed single particle fluorescence data indicated that human-associated emissions enriched the office atmosphere with specific FAP types that varied in morphology. Office occupants were strong emitters of ABC-type particles (number and mass), and to a lesser extent, A-type particles (number and mass), AB-type particles (mass), and B-type particles (mass). Such FAP types are related to common indoor bacterial and fungal aerosols and fluorescent clothing fabric fibers. The introduction of natural ventilation via a double skin glass facade increased the indoor abundance of FAPs due to the efficient transport of outdoor FAPs into the office. While LIF provides valuable real-time data on indoor FAP dynamics, it lacks specificity and cannot fully resolve the origins of fluorescent biological and abiotic particles in indoor spaces.

This paper examines the impact of large-scale alternative data on predicting consumer delinquency. Using a proprietary double-blinded test from a traditional lender, we find that the big data credit score predicts an individual’s likelihood of defaulting on a loan with 18.4% greater accuracy than the lender’s internal score. Moreover, the impact of the big data credit score is more significant when evaluating borrowers without public credit records. We also provide evidence that big data have the potential to correct financial misreporting.

This paper examines the financial literacy of mutual fund retail investors and its relationship with their investment outcomes. Using a unique dataset on Chinese mutual fund retail investors containing a survey on financial literacy, we find that women display significantly lower financial literacy than men. Investors with a higher level of education and richer investment experience have higher financial literacy. A one-standard-deviation increase in advanced financial literacy is associated with a probability decrease of an individual investor suffering a major loss by 1.940 percentage points, >13% of the sample average. Highly literate investors also show more sophistication concerning fee-related issues: they are more likely to be aware of investment charges, to avoid high-fee funds sold by intermediaries, and to trade less. Moreover, we find that advanced literacy has a significantly larger impact on investment performance than basic literacy. These results can be helpful to the policy debate on the effects of financial education.

With thousands of co-existing and competing platforms, the Chinese peer-to-peer (P2P) lending market experienced both high growth and high failure rate. We hand collect unique data for these P2P platforms and investigate the differences in performances and survivals for platforms with and without affiliations with state-owned enterprises (SOEs). P2P platforms with SOE affiliations have higher trading volumes, attract more investors, and offer lower interest rates. These platforms also survive significantly better than those without the SOE affiliations, especially during market downturns. Using P2P platforms with fake SOE affiliations as identification, we show that the SOE affiliation itself (not related to the fundamentals) is an important signal for P2P market participants. These results can be helpful to investors and regulators, especially those from other emerging markets.

We examine managers' disclosure decisions in response to non-fundamental price shocks. Using mutual fund fire sales as a source of market disruption, we show some firms respond by issuing earnings guidance. Others, especially firms with weaker performance and more short-term-oriented investors, engage in accrual-based earnings management. To identify the efficacy of firm disclosure choices, we examine passage of Sarbanes-Oxley and Regulation Fair Disclosure and show that they increased reliance on guidance rather than earnings management. The shift is associated with faster post-fire-sales price recovery, suggesting enhancing information disclosure rather than manipulation is effective in mitigating the effect of market disruptions.

Supporting information. Figure S1. TEM images of (a) ACA-500-S and the corresponding elemental mapping for (b) carbon, (c) sulfur, (d) oxygen. Figure S2. STEM images of (a) ACA-500-S@PANi and the corresponding elemental mapping for (b) carbon, (c) nitrogen, (d) sulfur, and (d) oxygen. Figure S3. The total XPS spectra of (a) ACA-500-S, (b) C 1s, and (c) S 2p spectra of ACA-500-S. The peaks at 164.0 and 165.2Â eV in (c) indicate that the uniformly encapsulated sulfur exists in the form of elemental sulfur. Figure S4. (a) The total XPS spectra and (b) N 1s spectrum of ACA-500-S@PANi. Figure S5. Discharge-charge curves at various rates for (a) ACA-500-S@PANi and (b) ACA-500-S cathodes. Figure S6. Discharge-charge curves recorded at different cycles for (a) ACA-500-S@PANi and (b) ACA-500-S cathodes at 1C. Figure S7. TGA curves of (a) ACA-500-S-70% (black), ACA-500-S@PANi-61% (blue), and ACA-500-S@PANi-55% (red) and (b) ACA-500-S-54% (violet) and ACA-500-S@PANi-45% (olive). Figure S8. (a) Rate performances of ACA-500-S-54% and ACA-500-S@PANi-55% cathodes. Discharge-charge curves at various rates for (b) ACA-500-S@PANi-55% and (c) ACA-500-S-54% cathodes. (d) Cycle performances of ACA-500-S@PANi-45% and ACA-500-S@PANi-61% cathodes at 1C. Table S1. Textual characteristic of ACA-500, ACA-500-S, and ACA-500-S@PANi. Table S2. Summary of cycle stability performances of representative conductive PANi coating for carbon/S cathodes at 1 C rate. (DOCX 980 kb)

This research studies the childhood exposure effect on stock market participation. We find that individuals with rural childhoods are less likely to invest in the stock market, controlling for wealth, trust, social interaction, risk attitude, and financial literacy. Furthermore, we find evidence that the trait of openness mitigates the enduring effect of rural childhood exposure, which is consistent with a cultural explanation.