Before revision:  More importantly, by establishing an approximation scheme for the good (or bad) memory of investors on the historical market information, we conclude that the good /bad memory would increase /decreaseboth real stock returns and interest rates while the equilibrium balances the economy by preventing investors from benefiting the memory .
After revision:  More importantly, by establishing an approximation scheme for the good (or bad) memory of investors on the historical market information, we conclude that the good /bad memory would increase (decrease) aforementioned dynamics and reveal that good (bad) memory strengthens (weakens) investor protection for minority shareholder when the ownership concentration is sufficiently high, while good (bad) memory inversely weakens (strengthens) investor protection for minority shareholder when the ownership concentration is sufficiently low .