{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,12,20]],"date-time":"2025-12-20T21:51:27Z","timestamp":1766267487318,"version":"build-2065373602"},"reference-count":49,"publisher":"MDPI AG","issue":"11","license":[{"start":{"date-parts":[[2019,11,13]],"date-time":"2019-11-13T00:00:00Z","timestamp":1573603200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Investor behavior is one of the important factors that affects market liquidity. It is very interesting to find out how investor behavior affects stock market liquidity. The Investor sentiment changes and information cognitive ability affect not only their expected returns but also market liquidity through short-selling restrained market behavior. This paper gives a comprehensive index of investor sentiment based on the entropy method. According to the empirical analysis based on evidence from China, we obtain the following results: The investor sentiment has a positive impact on market liquidity; the development of margin trading has curbed the positive impact of investor sentiment on market liquidity; the information cognitive ability has a negative impact on market liquidity; the explosive information volume enhances the market liquidity in the bull, weakens the market liquidity in the bear, and has no significant impact while shocked.<\/jats:p>","DOI":"10.3390\/e21111111","type":"journal-article","created":{"date-parts":[[2019,11,13]],"date-time":"2019-11-13T09:11:27Z","timestamp":1573636287000},"page":"1111","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":7,"title":["Impact of Investor Behavior and Stock Market Liquidity: Evidence from China"],"prefix":"10.3390","volume":"21","author":[{"given":"Shulan","family":"Hu","sequence":"first","affiliation":[{"name":"School of Statistics and Mathematics, Zhongnan University of Economics and Law, Wuhan 430073, China"}]},{"given":"Meiling","family":"Zhong","sequence":"additional","affiliation":[{"name":"School of Statistics and Mathematics, Zhongnan University of Economics and Law, Wuhan 430073, China"}]},{"given":"Yanli","family":"Cai","sequence":"additional","affiliation":[{"name":"School of Statistics and Mathematics, Zhongnan University of Economics and Law, Wuhan 430073, China"}]}],"member":"1968","published-online":{"date-parts":[[2019,11,13]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"1315","DOI":"10.2307\/1913210","article-title":"Continuous Auctions and Insider Trading","volume":"53","author":"Kyle","year":"1985","journal-title":"Econometrica"},{"key":"ref_2","unstructured":"Ouyang, H.-B. 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