The Mainland-Hong Kong Stock Connect program is a globally unique institutional innovation. This partially open financial system is unparalleled worldwide. As the influence of the Mainland-Hong Kong Stock Connect on A-shares has grown, the volume of research literature has gradually increased, and studies on the policy impact from various sectors have become prevalent. Prior to the introduction of the Mainland-Hong Kong Stock Connect, studies indicated that A-share stock prices did not significantly react to stock information, indicating low informational content in stock prices. The Mainland-Hong Kong Stock Connect, through its moderate openness, has effectively introduced mature overseas investment philosophies and international capital, altering the investor structure of A-shares and impacting trading behavior. This paper aims to explore whether the initiation of the Mainland-Hong Kong Stock Connect policy positively affects the informational content of A-share stock prices under the aforementioned premises. To minimize the interference of short-term market fluctuations on the research, this paper uses the relatively long-term future earnings response as the entry point for studying the informational content of stock prices. Specifically, it first selects a full sample of Mainland-Hong Kong Stock Connect stocks to conduct annual cross-sectional regression and multi-year linear regression to examine changes in the informational content of stock prices before and after policy implementation. It then includes a control group of stocks not selected for the Mainland-Hong Kong Stock Connect, conducting multi-year linear regression analysis with the experimental group samples to investigate whether the policy initiation has improved the informational content of stock prices for Mainland-Hong Kong Stock Connect stocks compared to those not selected. The results show that after the initiation of the Mainland-Hong Kong Stock Connect policy, the informational content of stock prices increased for Shanghai Stock Connect but decreased for Shenzhen Stock Connect. Compared to stocks not selected for the Mainland-Hong Kong Stock Connect, the informational content of stock prices also increased for Shanghai Stock Connect and decreased for Shenzhen Stock Connect. Overall, the results of this study indicate that the Mainland-Hong Kong Stock Connect policy has indeed achieved its initial policy design goals, warranting further exploration into deepening openness to optimize the structure of the capital market.

The development of the digital economy is driving a comprehensive digital transformation of the Chinese economy. Digital marketing pinpoints customer needs in terms of both technology and interaction, enhances the interactive experience, and influences consumers' willingness to buy. Digital marketing can increase customer acquisition, improve user experience, increase sales viscosity and expand sales segments at a lower cost. Under the wave of digital technology empowering the traditional industry, the marketing approach of the auto show industry has changed from being based on traditional media promotional tools to being based on new media matrices in an attempt to maximize the matching of customer needs and increase the sales conversion rate of potential customers. This paper attempts to answer the following two questions: first, whether the level of digital marketing in auto shows can effectively increase car sales; second, if the level of digital marketing in auto shows has a significant positive impact on increasing car sales in auto shows, what is the intrinsic impact mechanism. Company X is one of the first leading exhibition companies in the exhibition industry to embrace the Internet economy and seek digital transformation. This paper utilizes Company X's auto show sales data and rating data on auto show digital marketing to construct a panel regression model and a moderated utility model for empirical testing, and the results show that the level of digital marketing at auto shows can effectively enhance car sales, attract more customers and improve sales conversion rates, but with regional heterogeneity. Next, for the intrinsic influence mechanism, this paper utilizes the evaluation data of consumers' interactive experience and perceived value of auto shows collected by questionnaires to construct the Tobit regression model for empirical testing, and the results show that the online interactive features of digital marketing of auto shows enhance the customers' purchasing intention by enhancing the users' perceived value, which ultimately translates into the enhancement of auto sales in auto shows. With the gradual penetration of digital technology into all aspects of people's lives, digital marketing for auto shows may give rise to new forms in the future.

This paper studies the spillover effect of star funds in the Chinese mutual fund market. I show that star funds can attract more capital inflows to their sibling funds (managed by same fund manager) and family funds (managed by same fund company). The spillover effect is stronger for sibling funds.Further, I propose two mechanisms of spillover effect of star funds. The first mechanism is related to investors’ limited attention and ability. Star funds can easily attract investors’ attention among numerous fund products. The high degree of attention of star funds makes their related funds (e.g., family funds and sibling funds) get more attention, thus attracting more capital flows. I show that the spillover effect of star funds to their sibling funds is stronger among funds with a higher proportion of individual investors. Due that individual investors are more limited in attention and more easily pay attention to sibling funds, the result thus verifies the mechanism to a certain extent. The second mechanism is about performance correlation. Investors choose sibling or family funds of star funds because they expect their future performance to be as excellent as that of star funds. I find that the performance correlation between sibling funds and star funds is stronger than that between family funds and star funds. Combined with the result that the spillover effect of star funds on sibling funds is stronger than that on family funds, it verifies the mechanism to some extent. This paper is of great significance for understanding the spillover effect of star funds.

Digital media refers to any form of media which depends on electronic devices for its creation, distribution, view, and storage. Digital media analytics involves qualitative and quantitative analysis from the business to understand users’ behaviors. This technique brings disruptive changes to many industries and its path of economic disruption is getting wider and wider. Under the context of the increasingly popular digital media market, this dissertation investigates what are the best content delivery strategy and the new cultural phenomenon: Internet Water Army. The first essay proposes a theory-guided computational approach that consolidates distinct data sources spanning unstructured text, image, and video data, systematically measures modes of persuasion, and unveils the multimedia content design strategies for crowdfunding projects. The second essay studies whether using the Internet Water Army helps sales and under what conditions it helps. This study finds that the Internet water army helps product sales at both post-level and fans-level. The effect is largely reflected by changing the number of emotional fans. Furthermore, the earlier to purchase the water armies, more haters, likers, and neutral fans it can attract. The last essay builds a game model to study the trade- off between honestly promoting the product according to their evaluation and catering to the consumer’s prior belief on the product quality to stay on the market as long as possible. It provides insights on the optimum usage of promotion on social media and demonstrate how conventional wisdom about negative reviews will hurt business may be misleading in the presence of social media. These three studies jointly contribute to the crowdfunding and social media studies literature by elucidating the content delivery strategy, and the impact and purchasing strategy of the Internet Water Army.