| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Stock Prices in a Speculative Market: The Chinese Split-Share Reform | |
| Andrea Beltratti; Bernardo Bortolotti; Marianna Caccavaio | |
| 发表日期 | 2009 |
| 出处 | Economy and Society |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | In 2005-2006 China reformed its stock market by eliminating non-tradable shares. The regulator set general guidelines and then assigned responsibility for implementation to each company. We derive relations that should have been followed by the prices of stocks and exploit a company-level data set to compare the actual and the theoretical price reactions. We find evidence for abnormal returns both before the beginning of the reform and during the reform. Cross-sectionally, abnormal returns are associated mainly with turnover and compensation. This shows that in a speculative market, investors do not properly react to unambiguous corporate actions. |
| 特色分类 | G14,N25 |
| 关键词 | Speculation,Chinese Stock Market,Market segmentation,Event study,Market Efficiency |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/stock-prices-in-a-speculative-market-the-chinese-split-share-reform/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117693 |
| 推荐引用方式 GB/T 7714 | Andrea Beltratti,Bernardo Bortolotti,Marianna Caccavaio. Stock Prices in a Speculative Market: The Chinese Split-Share Reform. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2009-015.pdf（312KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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