Speculative trading and stock prices
evidence from Chinese A-B share premia
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Author
Contributions
- Scheinkman, José Alexandre. - Contributor
- Xiong, Wei, 1975- - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2005 - National Bureau of Economic Research, Cambridge, Mass, Massachusetts
Language
English
Word Count
9,750 words, Guess
Page Count
39 pages
Identifiers
- OCLC Control Number60572265
- Open LibraryOL17626631M
Classifications
- LCCHB1
Description
"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.
Subjects
Series Statement
- NBER working paper series -- no. 11362.
- Working paper series (National Bureau of Economic Research) -- working paper no. 11362.
Links
Other Editions
- Speculative trading and stock prices: evidence from Chinese A-B share premia
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