| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11362 |
| 来源ID | Working Paper 11362 |
| Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia | |
| Jianping Mei; Jose Scheinkman; Wei Xiong | |
| 发表日期 | 2005-05-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | The market dynamics of technology stocks in the late nineties has stimulated a growing body of theories that analyze the joint effects of short-sales constraints and heterogeneous beliefs on stock prices and trading volume. This paper examines implications of these theories using a unique data sample from China, a market with stringent short-sales constraints and perfectly segmented dual-class shares. The identical rights of the dual-class shares allow us to control for stock fundamentals. We find that trading caused by investors' speculative motive can help explain a significant fraction of the price difference between the dual-class shares. |
| 主题 | Financial Economics ; Financial Markets ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w11362 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569001 |
| 推荐引用方式 GB/T 7714 | Jianping Mei,Jose Scheinkman,Wei Xiong. Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia. 2005. |
| 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 | ||
| w11362.pdf（281KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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