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	Provedor de dados AgEcon (1) Autor Beltratti, Andrea (1) Bortolotti, Bernardo (1) Caccavaio, Marianna (1) Palavra-chave Chinese Stock Market (1) Event study (1) Financial Economics (1) G14 (1) Market Efficiency (1) Market segmentation (1) N25 (1) Speculation (1) Mais... Tipo do documento Working or Discussion Paper (1) Ano 2009 (1) País United States (1) Idioma Inglês (1)		Ordenar por:  Relevância Autor Título Ano Registros recuperados: 1 Primeira ... 1 ... Última Stock Prices in a Speculative Market: The Chinese Split-Share Reform AgEcon Beltratti, Andrea; Caccavaio, Marianna; Bortolotti, Bernardo. In 2005-2006 China reformed its stock market by eliminating non-tradable shares. The regulator set general guidelines and then assigned responsibility for implementation to each company. We derive relations that should have been followed by the prices of stocks and exploit a company-level data set to compare the actual and the theoretical price reactions. We find evidence for abnormal returns both before the beginning of the reform and during the reform. Cross-sectionally, abnormal returns are associated mainly with turnover and compensation. This shows that in a speculative market, investors do not properly react to unambiguous corporate actions. Tipo: Working or Discussion Paper Palavras-chave: Speculation; Chinese Stock Market; Market segmentation; Event study; Market Efficiency; Financial Economics; G14; N25. Ano: 2009 URL: http://purl.umn.edu/50364 Registros recuperados: 1 Primeira ... 1 ... Última

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