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Stock Exchange Markets in China: Structure and Main Problems

  • Enrico Geretto


  • Rubens Pauluzzo


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    The capital market of Mainland China is fragmented into different stock exchanges, each one with its own peculiarities. After a review of the main literature, the paper aims at deepening their characteristics, by taking into account their specific regulation. The current analysis also shows the main statistical data in terms of size, traded volumes, number of listed companies, types of traded products of the different stock exchanges. For every phenomenon considered, the study suggests plausible explanations. The paper also provides further considerations about the main problems of alignment with the international standards. Copyright Springer-Verlag 2012

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    Article provided by Springer & Central Eastern European University Network (CEEUN) in its journal Transition Studies Review.

    Volume (Year): 19 (2012)
    Issue (Month): 1 (September)
    Pages: 89-106

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    Handle: RePEc:spr:trstrv:v:19:y:2012:i:1:p:89-106
    DOI: 10.1007/s11300-012-0232-8
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    1. Girardin, Eric & Liu, Zhenya, 2005. "Bank credit and seasonal anomalies in China's stock markets," China Economic Review, Elsevier, vol. 16(4), pages 465-483.
    2. J. Xu, 1999. "Modeling Shanghai stock market volatility," Annals of Operations Research, Springer, vol. 87(0), pages 141-152, April.
    3. John G. Fernald & John H. Rogers, 2000. "Puzzles in the Chinese stock market," Working Paper Series WP-00-13, Federal Reserve Bank of Chicago.
    4. Gary Tian & Mingyuan Guo, 2007. "Interday and intraday volatility: Additional evidence from the Shanghai Stock Exchange," Review of Quantitative Finance and Accounting, Springer, vol. 28(3), pages 287-306, April.
    5. Enrico Geretto & Rubens Pauluzzo, 2009. "The Chinese Banking System: Economic Performance and Prospects for Future Development," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 16(1), pages 92-113, May.
    6. David Ahlstrom & Garry Bruton & Kuang Yeh, 2007. "Venture capital in China: Past, present, and future," Asia Pacific Journal of Management, Springer, vol. 24(3), pages 247-268, September.
    7. Chi, Jing & Sun, Qian & Young, Martin, 2011. "Performance and characteristics of acquiring firms in the Chinese stock markets," Emerging Markets Review, Elsevier, vol. 12(2), pages 152-170, June.
    8. Sjoo, Boo & Zhang, Jianhua, 2000. "Market segmentation and information diffusion in China's stock markets," Journal of Multinational Financial Management, Elsevier, vol. 10(3-4), pages 421-438, December.
    9. Jiang, Bing-Bing & LAURENCESON, James & Tang, Kam Ki, 2008. "Share reform and the performance of China's listed companies," China Economic Review, Elsevier, vol. 19(3), pages 489-501, September.
    10. Franklin Allen & Jun Qian & Meijun Qian, 2002. "Law, Finance, and Economic Growth in China," Center for Financial Institutions Working Papers 02-44, Wharton School Center for Financial Institutions, University of Pennsylvania.
    11. Jian Yang, 2003. "Market Segmentation and Information Asymmetry in Chinese Stock Markets: A VAR Analysis," The Financial Review, Eastern Finance Association, vol. 38(4), pages 591-609, November.
    12. Dr James Laurenceson, 2002. "The Impact of Stock Markets on China's Economic Development: Some Preliminary Assessments," Discussion Papers Series 302, School of Economics, University of Queensland, Australia.
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