"20210422_汤潮_中国认股权证泡沫研究：背景、数据及结论"

The paper "The Chinese Warrants Bubble: Evidence from Brokerage Account Records" by Neil D. Pearson, Zhishu Yang, Qi Zhang, and 汤潮, presented on 22nd April 2021, investigates the Chinese put warrants bubble. The study aims to determine when the bubble began and identify its causes. Additionally, the researchers seek to understand whether prior experience with warrant transactions influences the probability of reentering the market. The authors start by providing a comprehensive background and data for their study. They delve into the May 30, 2007 tax change and its potential impact on the warrants market. The paper then presents a model and the results of their analysis before concluding with their findings and implications. The research is a crucial contribution to understanding financial bubbles, particularly within the Chinese warrants market. The paper provides valuable insights into the dynamics of warrant trading, shedding light on the factors that may contribute to the formation and sustenance of a bubble in this market. The detailed analysis of brokerage account records offers a unique perspective on investor behavior and market trends, adding depth to the current understanding of financial bubbles. Overall, the paper highlights the importance of understanding market dynamics and investor behavior in the context of financial bubbles. With its rigorous analysis and insightful findings, the study by Pearson, Yang, Zhang, and 汤潮 provides a significant contribution to the academic literature on financial markets, warrant trading, and market bubbles.