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The purpose of this paper is to investigate the impact of January sentiment on investors’ asset allocation decisions in the US corporate bond market during the rest of the year. Specifically, the study evaluates if the shift in January sentiment is a predictor of corporate bond spreads from February to December.

Using corporate bond trades reported in TRACE between 2005 and 2014, the authors examine the ability of the Index of Consumer Sentiment and the Index of Investor Sentiment to predict bond spreads over the 11 months following January. The study evaluates both the sign of the change in sentiment and the magnitude of the change in sentiment using two generalized linear models, controlling for industry, bond and firm fixed effects. Portfolios are analyzed based on yield, firm size and firm leverage. Additional analysis is performed to ensure results are robust to the impacts of the subprime financial crisis.

This paper finds that the changes in the sentiment measures in January predict bond spreads associated with bond trades in the subsequent 11 months, and this phenomenon, which the authors label as the “January sentiment effect,” has opposing impacts on risky and less risky bond portfolios.

This paper adds to the literature on the relationship between sentiment and investor’s allocation decisions. The evidence documented in this study is the first known to find that investors’ allocation decisions in a year are driven by their sentiment in January.

This study disentangles the investor-base effect and the information effect of investor attention. The former leads to a larger investor base and higher stock returns, while the latter facilitates the dissemination of information among investors and impacts informational trading.

Using positive volume shocks as a proxy for increased investor attention, this study evaluates the impacts of the investor-base effect and the information effect of investor attention on market correction following extreme daily returns in the US stock market from 1966 to 2018.

This study finds that the investor-base effect increases subsequent returns of both daily winner and daily loser stocks. The information effect leads to economically less significant return reversals for both the daily winner and daily loser stocks. These two effects tend to have economically more significant impacts on the daily loser stocks. The economic significance of these two effects is also related to firm size and the state of the stock market.

This study is the first to disentangle the investor-base effect and the information effect of increased investor attention. The evidence that the information effect facilitates the dissemination of new information and impacts stock returns contributes to the strand of studies on the impact of investor attention on market efficiency. This evidence also contributes to the strand of studies analyzing the impact of informational trading on stock returns. In addition, this study provides evidence for market overreaction and the subsequent correction. The results for up and down markets contribute to the literature on the investors' trading behavior.

While many stepped spillways geometry design guidelines were developed for flat steps, designing pooled steps might be an appropriate alternative to spillways working more efficiency. This paper aims to deal with the inception point of air-entrainment and void fraction in the different height of the pools. Following that, pressure distribution was evaluated in aerated and non-aerated regions under the effect of different heights of the pools and slopes through the use of the FLOW-3D software. Comparison of obtained numerical results with experimental ones was in good agreement for all discharges used in this study. Pools height had the insignificant effect on the inception point location. The value of void fraction was more affected in lower discharges in comparison with higher ones. Negative pressure was not seen over the crest of spillway (non-aerated region), and the maximum pressure values were obtained for pools with 15 cm height along the crest in each discharge. In all slopes, negative pressure was not formed near the step bed in the pooled and flat stepped spillways. However, negative pressure was formed in more area near the vertical face in the flat stepped spillway compared with the pooled stepped spillway which increases the probability of cavitation phenomenon in the flat stepped chute.

A pooled stepped spillway was used in order to evaluate pressure, void fraction, and inception point. Also, different height of the pools was used. Numerical simulation of this study was fulfilled through Flow-3D software. The obtained results indicated that pools can affect two-phase flow characteristics including pressure, void fraction and inception point.

Over the crest, negative pressure was not seen. Pressure values were different for all used heights and the maximum ones obtained for 15 cm height. Also, pooled stepped played a more effective role in reducing the negative pressure points compared with flat cases. Inception point location was more affected in nappe and transition flow regimes in comparison with skimming flow regime particularly for 9 and 15 cm heights.

The research results of Felder et al. (2012a) from the University of Queensland were used to numerically simulate the flow over the pooled stepped spillway.

In China, having a home before getting married is viewed as being a crucial indicator of the sincerity of romance. Despite recent increases in housing costs, men who have their homes ready for marriage stand out in the marriage market. This study aims to explore the association between readiness to marry, marriage age and the home that men purchase prior to marriage using the China Labor-force Dynamics Survey, the first countrywide follow-up survey with the theme of labor force.

The authors suggest new standards for determining the marital residence. In addition, contrary to the existing literature, which focuses on “Sheng Nu” (women who do not marry by the traditional marriage age in China), the authors focus on “Sheng Nan” (men who do not marry by the traditional marriage age in China).

The results show that men who own a house before marriage are reluctant to get married. The authors document robust evidence that the preexistence of the marital house decreases the willingness to marry and postpones the marriage date, regardless of location and time.

The authors document robust evidence that the preexistence of the marital house decreases the willingness to marry and postpones the marriage date, regardless of location and time.