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"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"--National Bureau of Economic Research web site.
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Subjects
Stocks, Prices, Speculation, Econometric modelsPlaces
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Speculative trading and stock prices: evidence from Chinese A-B share premia
2005, National Bureau of Economic Research
in English
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Speculative trading and stock prices: evidence from Chinese A-B share premia
2005, National Bureau of Economic Research
Electronic resource
in English
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Book Details
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 7/5/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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The Physical Object
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- Created April 1, 2008
- 5 revisions
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December 13, 2020 | Edited by MARC Bot | import existing book |
July 31, 2012 | Edited by VacuumBot | Updated format '[electronic resource] :' to 'Electronic resource' |
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October 31, 2008 | Edited by ImportBot | add URIs from original MARC record |
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