Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212887 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 2/2018
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals. Since the reforms of the early 2000s, stock prices are as informative about future profits as they are in the US. Although the market is segmented from international equity markets, Chinese investors price individual stock characteristics like other global investors: they pay up for size, growth, liquidity, and long shots, while they discount for systematic risk. Price informativeness is significantly correlated with corporate investment e ciency. For international investors, China's stock market offers high average returns and low correlation with other equity markets.
JEL: 
E44
F30
G12
G14
G15
O16
O53
P21
P34
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-208-2
Dokumentart: 
Working Paper

Datei(en):
Datei
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