This paper further extends the existing GARCH-MIDAS model to deal with the effect of microstructure noise in mixed frequency data. This paper has two highlights. First, according to the estimation of the long-term volatility components of the GARCH-MIDAS model, rAVGRV is adopted to substitute for the RV estimator. rAVGRV uses the rich data sources in tick-by-tick data and significantly corrects the impact of the microstructure noise on volatility estimation. Second, besides introducing macroeconomic variables, deposits in financial institutions, industrial value-added, and (...) M2), Chinese Economic Policy Uncertainty index and Infectious Disease Equity Market Volatility Tracker are introduced in the long-run volatility component of the GARCH-MIDAS model. As indicated by the results of this paper, the rAVGRV-based GARCH-MIDAS is slightly better than the RV model-based GARCH-MIDAS. In addition to the common macroeconomic variables significantly impacting stock market volatility, CEPU also substantially impacts stock market volatility. Nevertheless, the effect of EMV on the stock market is insignificant. (shrink)

This study statistically analyzed survey data to examine the relationship between fulfillment of psychological needs of 223 Chinese sojourners in the United States and their online self-presentation strategies on Chinese and American social media. The results showed that the combined use of proactive and defensive self-presentation strategies on Chinese social media instead of American social media were more effective to fulfill the sojourners’ need for autonomy. Moreover, presentation strategies that helped to meet the sojourners’ need for relatedness were significantly different (...) between Chinese and American social media. Specifically, a proactive strategy was more effective to meet sojourners’ need for relatedness on Chinese social media, while a defensive strategy was more effective to fulfill their need for relatedness on American social media. (shrink)