New Investors and Bubbles: An Analysis of the Baosteel Call Warrant Bubble
研究新投资者在宝钢认购权证（中国暂停九年后的首只衍生品）泡沫中的作用，发现新投资者在开盘集合竞价时引发泡沫并持续推动至到期。
This paper provides an analysis of the impact of new investors on the bubble surrounding the Baosteel call warrant, the first derivative traded in China after a nine-year suspension. We empirically show that new investors initiated the bubble at the opening call auction and were the key driving force to sustain the bubble until the maturity of the warrant. This paper was accepted by Wei Jiang, finance.