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Chinese Capital Market: An Empirical Overview

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  • Grace Xing Hu
  • Jun Pan
  • Jiang Wang

Abstract

The Chinese capital market, despite its relative short history in its modern form, has experienced a tremendous growth and is now the second largest in the world. Due to China's tight capital controls, the development of its capital market has mostly been isolated from and hence not been well understood by the rest of the world. Yet, this state of isolation is bound to change substantially as China becomes more integrated into the global financial system. In this paper, we provide an empirical overview of the Chinese capital market: its historical development and main empirical characteristics.

Suggested Citation

  • Grace Xing Hu & Jun Pan & Jiang Wang, 2018. "Chinese Capital Market: An Empirical Overview," NBER Working Papers 24346, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:24346
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    References listed on IDEAS

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    1. Banz, Rolf W., 1981. "The relationship between return and market value of common stocks," Journal of Financial Economics, Elsevier, vol. 9(1), pages 3-18, March.
    2. Jegadeesh, Narasimhan & Titman, Sheridan, 1993. "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency," Journal of Finance, American Finance Association, vol. 48(1), pages 65-91, March.
    3. Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
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    Cited by:

    1. Gu, Tianqi & Kim, Inhi & Currie, Graham, 2019. "To be or not to be dockless: Empirical analysis of dockless bikeshare development in China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 119(C), pages 122-147.
    2. Markus K Brunnermeier & Michael Sockin & Wei Xiong, 2022. "China’s Model of Managing the Financial System [Beauty Contests and Iterated Expectations in Asset Markets]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(6), pages 3115-3153.
    3. Tomasz Dziawgo, 2021. "Big Tech Influence on China Financial Sector," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 1110-1120.
    4. Zhong-Qiang Zhou & Jie Li & Wei Zhang & Xiong Xiong, 2022. "Government intervention model based on behavioral heterogeneity for China’s stock market," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-19, December.
    5. Cong, Lin William & Lee, Charles M.C. & Qu, Yuanyu & Tao, Shen, 2020. "Financing Entrepreneurship and Innovation in China," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 16(1), pages 1-64, January.
    6. Markus K. Brunnermeier & Michael Sockin & Wei Xiong, 2020. "China’s Model of Managing the Financial System," Working Papers 2020-45, Princeton University. Economics Department..
    7. Liu, Chenye & Wu, Ying & Zhu, Dongming, 2022. "Price overreaction to up-limit events and revised momentum strategies in the Chinese stock market," Economic Modelling, Elsevier, vol. 114(C).
    8. Cheng, Hang & Shi, Yongdong, 2020. "Forecasting China's stock market variance," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
    9. David Blitz & Matthias X. Hanauer & Pim Vliet, 2021. "The Volatility Effect in China," Journal of Asset Management, Palgrave Macmillan, vol. 22(5), pages 338-349, September.

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    More about this item

    JEL classification:

    • G00 - Financial Economics - - General - - - General
    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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