scholarly journals Event Study on Lifting Ban of Restricted Shares in Chinese Stock Markets

2019 ◽  
Author(s):  
Zhikun ZHANG
Keyword(s):  
Event Study ◽  
Stock Markets ◽  
Chinese Stock Markets

scholarly journals Effects of China’s Collective Forestland Tenure Reform Policies on Forest Product Firm Values

Land ◽  
2020 ◽  
Vol 9 (4) ◽  
pp. 127 ◽  
Author(s):  
Tingting Zhang ◽  
Shunbo Yao ◽  
Jinna Yu ◽  
Assem Abu Hatab ◽  
Zhen Liu
Keyword(s):  
Event Study ◽  
Stock Markets ◽  
Signaling Theory ◽  
Business Environment ◽  
Forest Product ◽  
Tenure Reform ◽  
Event Study Method ◽  
Expected Values ◽  
Chinese Stock Markets ◽  
The Impact

China’s collective forestland tenure reform has dramatically affected the business environment of domestic forest product firms. This study examines the impact of the said reform on the expected values of these firms, via the reaction of investors (as seen on the stock markets) towards the issuance of related policies. Based on signaling theory and the assumption that the Chinese stock markets are efficient in terms of work form, this study adopts an event study method and examines five policies during the 2003–2009 period. The numbers of forest product firms used in the examinations herein differ among the policies and range from 21 to 29. This study found that the policies have differentially affected the expected values of forest product firms and that the impact on firms lacking forestland holdings is generally more significant than that on firms that hold forestland. The findings of this study enhance our understanding of the effect of collective forestland tenure reform on the value of forest product firms; they also have implications on forest product firms as they work to adapt to the reform.

How Risky are Major Risk Events? Evidence from Chinese Stock Markets

2011 ◽  
Author(s):  
Qingfu Liu ◽  
Chengyuan Zhou ◽  
Yunbi An
Keyword(s):  
Stock Markets ◽  
Chinese Stock Markets

POWER LAW AND STRETCHED EXPONENTIAL EFFECTS OF EXTREME EVENTS IN CHINESE STOCK MARKETS

2010 ◽  
Vol 09 (02) ◽  
pp. 203-217 ◽  
Author(s):  
XIAOJUN ZHAO ◽  
PENGJIAN SHANG ◽  
YULEI PANG
Keyword(s):  
Correlation Analysis ◽  
Power Law ◽  
Extreme Events ◽  
Stock Markets ◽  
Cross Correlation ◽  
Extreme Values ◽  
Cumulative Distribution ◽  
Stretched Exponential ◽  
Cross Correlation Analysis ◽  
Chinese Stock Markets

This paper reports the statistics of extreme values and positions of extreme events in Chinese stock markets. An extreme event is defined as the event exceeding a certain threshold of normalized logarithmic return. Extreme values follow a piecewise function or a power law distribution determined by the threshold due to a crossover. Extreme positions are studied by return intervals of extreme events, and it is found that return intervals yield a stretched exponential function. According to correlation analysis, extreme values and return intervals are weakly correlated and the correlation decreases with increasing threshold. No long-term cross-correlation exists by using the detrended cross-correlation analysis (DCCA) method. We successfully introduce a modification specific to the correlation and derive the joint cumulative distribution of extreme values and return intervals at 95% confidence level.

Integrating A- and B-Share Markets in China: The Effects of Regulatory Policy Changes on Market Efficiency

2007 ◽  
Vol 10 (03) ◽  
pp. 309-328 ◽  
Author(s):  
Changjiang Lu ◽  
Kemin Wang ◽  
Haiwei Chen ◽  
James Chong
Keyword(s):  
Market Efficiency ◽  
Stock Markets ◽  
Detrimental Effect ◽  
Regulatory Policy ◽  
International Markets ◽  
Policy Changes ◽  
Foreign Investors ◽  
Price Differential ◽  
Chinese Stock Markets ◽  
A Share

We investigate the effectiveness of two recent regulatory policy changes on market efficiency in the Chinese A- and B-share markets. Overall, the opening of the B-share market to domestic Chinese investors and the limited opening of the A-share market to foreign investors increase market efficiency. The opening of the B-share market significantly reduces the price differential between A- and B-shares. Furthermore, there is no longer feedback in returns between the two markets in recent years. Our results provide evidence that there is no detrimental effect to market efficiency by integrating Chinese investors to international markets and foreign investors to the Chinese stock markets.

Size and price-to-book effects: Evidence from the Chinese stock markets

2015 ◽  
Vol 32 ◽  
pp. 40-55 ◽  
Author(s):  
Jitka Hilliard ◽  
Haoran Zhang
Keyword(s):  
Stock Markets ◽  
Chinese Stock Markets

Are cash-flow betas really bad? Evidence from the Greater Chinese stock markets

2019 ◽  
Vol 63 ◽  
pp. 58-68 ◽  
Author(s):  
Ming Wu ◽  
Kiyool Ohk ◽  
Kwangsoo Ko
Keyword(s):  
Cash Flow ◽  
Stock Markets ◽  
Chinese Stock Markets

Industry herding and market states: evidence from Chinese stock markets

2013 ◽  
Vol 13 (7) ◽  
pp. 1091-1113 ◽  
Author(s):  
Chien-Chiang Lee ◽  
Mei-Ping Chen ◽  
Kuan-Mien Hsieh
Keyword(s):  
Stock Markets ◽  
Chinese Stock Markets
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