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In 1977 the Chinese Academy of Social Sciences was formed, with 21 institutes covering a variety of areas. The fundamental principles guiding social science research conducted by this institute & other Chinese agencies include integration of theory & practice & the encouragement of diverse viewpoints. While this second policy was suppressed during the Cultural Revolution, it is now once again being supported. W. H. Stoddard.

This paper examines whether UK fund managers engage in herding behaviour in the stock market using the dynamic herding measure, whether their herding behaviour is different during bullish and bearish periods, whether most of their herding is informational, which types of informational reasons act as the main drivers of their herding and whether there are non-informational drivers of their herding. Our results reveal that UK fund managers engage in significant herding behaviour and that this behaviour does not differ significantly from bullish to bearish stock markets. Moreover, we confirm that there are weak positive correlations between fund managers? herding and stock returns within the subsequent year, which indicates that their herding is mainly informational. To improve portfolio performance, other investors could follow UK fund managers and purchase stocks overbought by them with at least 15 traders quarterly in the following one-year period, particularly for growth-type, sectorspecific and international-type funds. Moreover, because they are more likely to herd in large-capitalisation securities, the informational reasons driving managers? herding behaviour are mainly related to investigative herding. We also find that growth-type and international-type funds are more likely to herd with similar- type funds. This finding may result from reputational and characteristic herding, which illustrates that non-informational reasons for managers? herding still exist.

We investigated changes in the financial performance of representatives of
the world?s top 200 commercial banks after the global subprime financial
crisis. Our empirical results show that following the subprime-crisis
disclosure, all commercial banks exhibited worse performance in asset
quality, profitability, liquidity, and growth index, accompanied by risk
increases in asset adequacy, managerial ability, profitability, and growth
index. Developed markets have suffered a greater negative influence than
emerging markets, causing downward pressure on asset adequacy, asset quality,
and profitability since the subprime crisis. Commercial banks within
developed nations suffered more direct pronounced effects from the subprime
crisis than did those in emerging markets. Our results prove that larger
commercial banks, particularly those with larger capitalization, have the
economies-of-scale advantage to resist the negative effects of economic
downturns.

Contextualized in the Florida Parkland high school mass shooting and National Rifle Association (NRA) crisis, our study is among the first to apply the social identity theory in understanding simultaneously publics' cognitive and affective evaluations of a non-profit organization's crisis response. Results from an online survey ( N = 603) revealed that participants displayed a range of both negative and positive emotions towards the NRA, including anger, disgust, and interest and hope. On the rational side, publics considered NRA's actions as harmful and unjust. Publics' NRA affiliation status and political partisanship identity had a significant main effect on their crisis evaluations.

We forecast New York state tax revenues with a mixed-frequency model using a number of machine learning techniques. We found boosting with two dynamic factors extracted from a select list of New York and U.S. leading indicators did best in terms of correctly updating revenues for the fiscal year in direct multi-step out-of-sample forecasts. These forecasts were found to be informationally efficient over 18 monthly horizons. In addition to boosting with factors, we also studied the advisability of restricting boosting to select the most recent macro variables to capture abrupt structural changes. Since the COVID-19 pandemic upended all government budgets, our boosted forecasts were used to monitor revenues in real time for the fiscal year 2021. Our estimates showed a drastic year-over-year decline in real revenues by over 16% in May 2020, followed by several upward nowcast revisions that led to a recovery to -1% in March 2021, which was close to the actual annual value of -1.6%.