Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia
نویسندگان
چکیده
منابع مشابه
Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia
In this paper we use data from China’s stock markets to analyze non-fundamental components in stock prices. During the period 1993-2000, several dozen Chinese firms offered two classes of shares: class A, which could only be held by domestic investors, and class B, which could only be traded by foreigners. Despite their identical rights, Ashare prices were on average 400% higher than the corres...
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For a sample of 94 firms, using data up to 1999, we find that retentions are more significant than dividends in determining prices of shares that are actively traded on the Egyptian stock market. However, for non-actively traded shares, the accounting book value is the most important determinant. Reductions in dividends are associated with a lack of liquidity and profitability. Dividend increas...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2004
ISSN: 1556-5068
DOI: 10.2139/ssrn.498024