Chinese Stock Markets: A Research HandbookThe exponential growth of China's stock markets in the past decade has attracted global attention from academics and practitioners. The practitioner's interest in Chinese markets stems from corporations; investors and financial institutions foresee substantial benefits from investing in China in the long run. However, the academic literature on the development of securities markets and reform of state enterprises in China is still in its infancy and fragmented. This handbook aims to bridge that gap by presenting a wide spectrum of research in the forefront of financial applications. It integrates theory and practice with state-of-the-art statistical techniques and provides numerous insights into the main challenges confronting Chinese markets in the new millennium. |
Contents
| 1 | |
Chapter 2 Structural and Institutional Characteristics | 33 |
Chapter 3 Risk Return and Regulation in Chinese Stock Markets | 75 |
Chapter 4 Ownership Restrictions and Foreign Shares Discount | 123 |
Chapter 5 Excess Volatility in Domestic Share Markets | 169 |
Chapter 6 The Underpricing of Initial Public Offerings | 215 |
Chapter 7 Corporate Governance and PostIPO Financing | 267 |
Chapter 8 Accounting Information and Stock Performance | 307 |
Chapter 9 Internationalization of Chinese Stock Markets | 335 |
Appendix A Securities Law | 381 |
Appendix B Summary of PRC Taxes | 401 |
Appendix C Major Events in Chinese Stock Markets | 405 |
| 415 | |
| 425 | |
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Common terms and phrases
A-share abnormal returns accounting standards after-market approval Article assets average B-share market capital markets Chinese companies Chinese stock markets Company Law corporatization cross-section CSRC daily degree of IPO disclosure distribution domestic investors economic enterprises equation equity firm’s foreign investors Hang Seng index HKSE Hong Kong Hong Kong dollar hypothesis ICAPM industry initial public offering institutional investors international investors intrinsic value IPO initial return IPO price IPO underpricing IPORETN issuers Kurtosis listed companies logarithm mainland market capitalization ment million NYSE overseas ownership payoffs portfolio price discrimination profits red chips reform regression regulations regulatory renminbi risk sample Securities Law securities market SEOs Shanghai and Shenzhen shareholders Shenzhen Securities Exchange SHSE and SZSE SOEs state-owned stock dividends Stock Exchange stock prices stock returns stock-market returns t-statistics Table tion trading volume U.S. dollar variance volatility