Lucarelli, Caterina and Palomba, Giulio (2007): Investors’ behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach. Published in: Journal of Business and Policy Research , Vol. 3, No. 2 (November 2007): pp. 64-82.
Download (210Kb) | Preview
This paper investigates the Chinese mainland Stock Exchanges and their following interconnecting features: savers’ attitude towards stock investments, investors’ trading behaviour and stock returns explanations. We evaluate the effectiveness of the recent efforts made by the Chinese authorities to improve the level of legal protections for shareholders and the opening-up of the Chinese Stock Markets to foreign investors. The whole analysis is carried out through a system of simultaneous equations. The main results are that Chinese shareholders and stock markets are mostly driven by emotional behaviour. Stock market returns are barely influenced by the overall Chinese economic booming, but reveal the presence of speculative influences. Investors’ behaviour, as well as general trading activities, hardly seems to be affected by the legal framework introduced by the national Authorities.
|Item Type:||MPRA Paper|
|Original Title:||Investors’ behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach|
|Keywords:||Chinese Stock Exchanges, shareholders’ rights, corporate governance, investors’ behaviour, system of simultaneous equations|
|Subjects:||F - International Economics > F3 - International Finance > F30 - General
G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation
C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models; Multiple Variables > C30 - General
|Depositing User:||Giulio Palomba|
|Date Deposited:||08. Jul 2008 00:20|
|Last Modified:||18. Feb 2013 19:03|
C. Lucarelli and G. Palomba
Investors’ behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach
Journal of Business and Policy Research
vol. 3, No. 2