Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153773
Authors: 
Beltratti, Andrea
Bortolotti, Bernardo
Caccavaio, Marianna
Year of Publication: 
2011
Series/Report no.: 
ECB Working Paper 1339
Abstract: 
During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis, based on the time series of risk factors and on the cross section of abnormal returns, confirms that the NTS reform affected stock prices, particularly benefiting small stocks, stocks characterized by historically poor returns, stocks issued by companies with less transparent accounts and poorer governance, and less liquid stocks Historically neglected stocks also witnessed an increase in the volume of trading and market prices.
Subjects: 
Chinese stock market
Corporate governance
Financial reform
Neglected stocks
Ownership structure
Privatization
JEL: 
G14
G28
G32
Document Type: 
Working Paper

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