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This paper examines how liquidity risk is priced in the cross-section of cryptocurrency returns. In doing so, we use the Amihud measure as a liquidity proxy.By employing the univariate portfolio analysis, the bivariate portfolio analysis, and the Fama-MacBeth regression analysis, we document a negative relationship between liquidity and cryptocurrency returns. Additional tests demonstrate that this finding is robust to alternative liquidity measurement as well as size screens and show no evidence of a significant intertemporal relationship between liquidity and expected returns for three leading cryptocurrencies. Our conclusions add to the understanding of how markets price cryptocurrencies.

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In the age of the experience economy, the rapid development of O2O platform makes the study on user experience become important. Based on technology acceptance model (TAM), this article discusses user loyalty from the perspective of user experience; introduces user satisfaction; develops the structure model of relationships between user experience and user loyalty based on O2O innovation platform; uses structural equation model (SEM) and verifies the theoretical hypothesis through the questionnaire of 201 O2O platform users. The study finds that the usefulness and ease of use of O2O platform interact with each other, the usefulness and ease of use of O2O platform have a significant positive impact on user experience. This in turn leads to the user experience of O2O platform has a significant positive impact on user satisfaction, and user satisfaction of the O2O platform has a significant positive impact on user loyalty. The conclusions reveal the effect mechanism between user experience and user loyalty based on O2O innovation platform.

In this paper, we investigate whether investors respond differently to news coverage from local media and overseas media relying on the special setting of A‐ and H‐cross‐listing in China. By employing the abnormal stock return variance and the abnormal trading volume as investor reaction proxies, we document that both A‐share and H‐share investors tend to have stronger reactions to their own local media than to overseas media (referred to as local media preference). To provide further support, we utilize three natural experiments, that is, the introduction of colocation by the Stock Exchange of Hong Kong, the launch of Shanghai‐Hong Kong Stock Connect, and the inclusion of A‐shares in MSCI indices as well as alternative ways to construct our main variables. In addition, we also confirm that this local media preference strengthens the market segmentation between these two share classes.