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European Journal of Finance ; 2023.
Article in English | Web of Science | ID: covidwho-20242863


This paper investigates the dynamics and drivers of informational inefficiency in the Bitcoin futures market. To quantify the adaptive pattern of informational inefficiency, we leverage two groups of statistics which measure long memory and fractal dimension to construct a global-local market inefficiency index. Our findings validate the adaptive market hypothesis, and the global and local inefficiency exhibits different patterns and contributions. Regarding the driving factors of the time-varying inefficiency, our results suggest that trading activity of retailers (hedgers) increases (decreases) informational inefficiency. Compared to hedgers and retailers, the role played by speculators is more likely to be affected by the COVID-19 crisis. Extremely bullish and bearish investor sentiment has more significant impact on the local inefficiency. Arbitrage potential, funding liquidity, and the pandemic exert impacts on the global and local inefficiency differently. No significant evidence is found for market liquidity and policy uncertainty related to cryptocurrency.

Chinese Traditional and Herbal Drugs ; 51(9):2379-2389, 2020.
Article in Chinese | EMBASE | ID: covidwho-682681


Clinical practice since the outbreak of the novel coronavirus disease (COVID-19) has proven that the prevention and control measures of traditional Chinese medicine and the integrated treatment of traditional Chinese and Western medicine in China have effectively controlled the epidemic situation. Up to March 6 in 2020, Chinese medicine participated in the treatment of nearly 60 000 confirmed cases, and more than 20 000 were cured and discharged. In the critical period, the frequency of use of ginseng in the distribution of prescriptions, Chinese patent medicines and drug compatibility accounted for 56.41% of the drug distribution. According to the classification of ginseng compound, ginseng compound or ginseng single herb integrated with other antiviral drugs, ginseng extract, and ginsenosides, this article reviews the literature reports on ginseng prescriptions, ginseng and its saponins in the prevention and treatment of viral diseases, and related antiviral mechanisms, etc, with view to providing scientific basis for the use of ginseng and its saponins to prevent and treat viral diseases such as novel coronavirus pneumonia.