WILLIAM N. GOETZMANN () (Yale School of Management, International Center for Finance) ANDREY UKHOV () (Yale School of Management) NING ZHU () (Yale University, School of Management; University of California, Davis -)
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In this paper we review evidence about the development of the Chinese capital markets over a crucial period in world market history, and place that development in the context of world financial markets at the time. Despite fundamental differences between China today and China 100 years ago, it is still important to consider the dangers of an imbalance between domestic and international investor markets, and the mismatch between domestic and foreign expectations about investor protection. The lessons of the last century suggest that China today should consider opening Chinese investor access to foreign capital markets in order to equilibrate the level of diversification between foreign and domestic investors. In addition, protection of domestic corporate investor rights is at least as important as protecting foreign investor rights.
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Find related papers by JEL classification: N0 - Economic History - - General N2 - Economic History - - Financial Markets and Institutions N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
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