This paper investigates the impact of online interaction between investors and enterprises on stock liquidity, using data from A-share listed companies in China from 2010 to 2021. Firstly, our findings reveal that more frequent interaction leads to better stock liquidity, and this result remains consistent across various robustness tests. Secondly, we observe that the expected tenure of senior executives and the ratio of institutional investor ownership exert a significant moderating effect on this relationship. Thirdly, this effect varies across enterprises at different development stages and with different ownership structures, being more pronounced in growing and privately-owned companies. Furthermore, this paper finds an inverted U-shaped relationship between reply length and stock liquidity, indicating that excessively long replies may introduce noise and negatively affect liquidity. This study provides new insights into how online interactions can improve market efficiency and offers practical implications for corporate governance and investor relations.

Based on the data of China General Social Survey (CGSS), this study adopts empirical analysis method to explore the impact of education on residents’ subjective well-being and its differentiated mechanism in different ethnic groups. The results show that, first of all, education significantly improves residents’ subjective well-being, and the conclusion is still robust after controlling for endogenous problems. Secondly, compared with Han nationality, education has a more significant effect on the subjective well-being of ethnic minority residents. Finally, by comparing the internal mechanism of education on the subjective well-being of Han and ethnic minority residents, the research finds that education mainly improves subjective well-being by improving residents’ relative income level and enhancing their social class identification, in which the intermediary effect of income is particularly prominent. However, in the Han population, education may weaken the sense of fairness, and thus reduce happiness to some extent; This phenomenon has not been verified in ethnic minority groups. This study not only expands the literature on the relationship between education and subjective well-being, but also has important policy implications, providing a strong empirical basis for formulating more accurate education policies, improving the happiness of ethnic minority residents, and enhancing national cohesion.

This study investigates the effect of continuous, free-form communication among traders on mispricing in experimental asset markets. We compare three fundamental value regimes: a constant fundamental value without interest, a decreasing fundamental value, and a constant fundamental value generated by dividends and interest on cash. Evidence indicates that the constant fundamental value with interest environment is the one participants find hardest to understand. Communication's impact is examined by allowing participants to engage in unrestricted text chat during market trading sessions. We hypothesized that the benefits of communication, such as reducing confusion, correcting misconceptions, and promoting common beliefs, would be larger in market environments that traders find harder to understand. We find a marginal reduction in mispricing only in the environment participants found hardest to understand. Overall, communication has, at best, a marginal effect on pricing efficiency, and only in the most demanding of the three environments.