Mohamed El Hedi AROURI () (LEO (Laboratoire d'Economie d'Orléans) and EDHEC (Ecole des Hautes Etudes Commerciales)) Chen Xiang LIU () (EconomiX, Université de Paris X—Nanterre)
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China’s Shanghai and Shenzhen stock markets have been on a bullish run since the end of the split-share reform. The sharp gains are raising worries about stock overvaluations. We investigate the determinants of booming stock markets in modelling PER (price-earning ratio) over the available sample period 2000-2007 in Chinese A-share market with co-integration and error correction model specification. These results show that the market is driven primarily by the massive influx of fresh funds rather than corporate fundamentals. Regulators have been striving to cool down the surging stock markets for the good of long-term economic development and social stability.
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Article provided by Economics Bulletin in its journal Economics Bulletin.
Find related papers by JEL classification: N2 - Economic History - - Financial Markets and Institutions
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Eugene F. Fama & Kenneth R. French, 2002.
"The Equity Premium,"
Journal of Finance,
American Finance Association, vol. 57(2), pages 637-659, 04.
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Eugene Fama & F. & Kenneth R. French, .
"The Equity Premium.","
CRSP working papers
522, Center for Research in Security Prices, Graduate School of Business, University of Chicago.