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

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

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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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Publisher Info
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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Related research
Keywords: chinese stock exchanges; corporate governance; investors' behaviour; shareholders' rights; system of simultaneous equations;

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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

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  12. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04. [Downloadable!] (restricted)
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  13. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27. [Downloadable!] (restricted)
    Other versions:
  14. Wang, Changyun, 2005. "Ownership and operating performance of Chinese IPOs," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1835-1856, July. [Downloadable!] (restricted)
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