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A (partial) resolution of the Chinese discount puzzle: The 2001 deregulation of theB -share market


  • G. Andrew Karolyi
  • Lianfa Li
  • Rose Liao


Purpose - The purpose of this paper is to examine the changes in Design/methodology/approach - On February 19, 2001, the Chinese Securities Regulatory Commission announced that Chinese residents would be allowed to own Findings - The paper finds that the largest declines in the Research limitations/implications - This surprising finding challenges the current wisdom about what influences the Originality/value - The paper offers an alternative interpretation for the

Suggested Citation

  • G. Andrew Karolyi & Lianfa Li & Rose Liao, 2009. "A (partial) resolution of the Chinese discount puzzle: The 2001 deregulation of theB -share market," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 1(1), pages 80-106, April.
  • Handle: RePEc:eme:jfeppp:v:1:y:2009:i:1:p:80-106

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    Cited by:

    1. Fan, Longzhen & Hu, Bill & Jiang, Christine, 2012. "Pricing and information content of block trades on the Shanghai Stock Exchange," Pacific-Basin Finance Journal, Elsevier, vol. 20(3), pages 378-397.
    2. Tong, Wilson H.S. & Yu, Wayne W., 2012. "A corporate governance explanation of the A-B share discount in China," Journal of International Money and Finance, Elsevier, vol. 31(2), pages 125-147.
    3. Doukas, John A. & Wang, Liu, 2013. "Information asymmetry, price discovery, and the Chinese B-share discount puzzle," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 1116-1135.
    4. repec:eee:intfin:v:50:y:2017:i:c:p:182-203 is not listed on IDEAS

    More about this item


    China; Political risk; Market segmentation; Stocks;


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