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Investors’ behaviour in the Chinese Stock Exchanges: Empirical Evidence in a Systemic Approach

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Author Info
Lucarelli, Caterina
Palomba, Giulio

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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 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.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7034.

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Date of creation: 01 Nov 2007
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Publication status: Published in Journal of Business and Policy Research 2.3(2007): pp. 64-82
Handle: RePEc:pra:mprapa:7034

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Keywords: Chinese Stock Exchanges shareholders’ rights corporate governance investors’ behaviour system of simultaneous equations.

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

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  1. Uwe Jirjahn & Gesine Stephan, 2004. "Gender, piece rates and wages: evidence from matched employer--employee data," Cambridge Journal of Economics, Oxford University Press, vol. 28(5), pages 683-704, September. [Downloadable!] (restricted)
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  5. repec:att:wimass:199610 is not listed on IDEAS
  6. Brian Krauth, 2004. "Simulation-based estimation of peer effects," Econometrics 0408002, EconWPA. [Downloadable!]
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  7. Marianne Bertrand & Kevin F. Hallock, 2000. "The Gender Gap in Top Corporate Jobs," NBER Working Papers 7931, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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