We investigate how peer-to-peer (P2P) platform collapses influence investor risk preferences using trading data from a major Chinese brokerage. We find that such collapses induce local investors to become more risk-averse, as evidenced by a significant decline in order imbalance and a reduced willingness to allocate funds into their stock trading accounts. Within their portfolios, investors become more likely to sell high-risk stocks and less inclined to trade unfamiliar ones. These shifts in risk preference appear to be driven by deteriorating investor sentiment, rather than cognitive decline or reduced wealth.

We investigate the role of market microstructure metrics in predicting price dynamics for five cryptocurrencies. We show that measures of liquidity and price discovery have predictive power for price dynamics measures used in electronic market making, dynamic hedging strategies, and volatility estimation. We identify own market and cross-market effects for Roll measures and VPINs in BTC and ETH. Our results change little during crypto winter or the 2022 change in interest regimes. Market dynamics of cryptocurrencies are similar to those of futures but exhibit greater toxicity. Our findings are relevant for proposals regarding the appropriate regulatory structure for digital currencies.

We examine the economic impact of platform marketing on mutual funds and fund families in China. The growth of platform marketing encourages funds to enhance performance by improving managerial skills rather than increasing risk-taking, and inspires fund families to induce more frequent fee reductions and stronger product innovation. Enhanced competitiveness and expanded investment demand lead to greater market share and higher profitability. Platform marketing intensity from funds in other families and the same type of funds generates more pronounced economic effects. Our findings reveal how distribution platforms contribute to incentive-aligned market mechanisms in the wealth management industry.