Before revision:  We use our brokerage tapes to conduct a natural experiment assuming that tapes correspond to randomly assigned, informed and uninformed traders  .
After revision:  We use our brokerage tapes to conduct a natural experiment assuming that tapes correspond to randomly assigned, informed and uninformed traders . Our analysis demonstrated that customers' orders were tightly correlated--in a highly nonlinear sense of the neural networks--with the Chinese market sentiment index, significantly correlated with the stock returns and exhibited no correlation with the bellwether bond of the Bank of China .