Investors' Behaviour in the Chinese Stock;Exchanges: Empirical Evidence in a Systemic;Approach

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Investors' Behaviour in the Chinese Stock;Exchanges: Empirical Evidence in a Systemic;Approach

Author Info

Caterina LUCARELLI () (Universita' Politecnica delle Marche, Dipartimento di Economia)
Giulio PALOMBA ([n.a.])

Additional information is available for the following registered author(s):

Giulio Palomba

Abstract

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 eectiveness of the recent eorts 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 aected by the legal framework introduced by the national Authorities.

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Paper provided by Universita' Politecnica delle Marche (I), Dipartimento di Economia in its series Working Papers with number 297.

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Length: 23
Date of creation: Sep 2007
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Handle: RePEc:anc:wpaper:297

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Paper
- Lucarelli, Caterina & Palomba, Giulio, 2007. "Investors’ behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach," MPRA Paper 7034, University Library of Munich, Germany. [Downloadable!]

Find related papers by JEL classification:
C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
F30 - International Economics - - International Finance - - - General
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

This paper has been announced in the following NEP Reports:

NEP-ALL-2007-09-16 (All new papers)
NEP-CNA-2007-09-16 (China)
NEP-RMG-2007-09-16 (Risk Management)
NEP-SEA-2007-09-16 (South East Asia)
NEP-TRA-2007-09-16 (Transition Economics)

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