Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53180
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dc.contributor.authorBeltratti, Andreaen_US
dc.contributor.authorBortolotti, Bernardoen_US
dc.contributor.authorCaccavaio, Mariannaen_US
dc.date.accessioned2011-01-31en_US
dc.date.accessioned2011-12-15T11:30:42Z-
dc.date.available2011-12-15T11:30:42Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/53180-
dc.description.abstractIn 2005-2006 China reformed its stock market by eliminating non-tradable shares. The regulator set general guidelines and then assigned responsibility for implementation to each company. We derive relations that should have been followed by the prices of stocks and exploit a company-level data set to compare the actual and the theoretical price reactions. We find evidence for abnormal returns both before the beginning of the reform and during the reform. Cross-sectionally, abnormal returns are associated mainly with turnover and compensation. This shows that in a speculative market, investors do not properly react to unambiguous corporate actions.en_US
dc.language.isoengen_US
dc.publisher|aFondazione Eni Enrico Mattei (FEEM) |cMilanoen_US
dc.relation.ispartofseries|aNota di lavoro // Fondazione Eni Enrico Mattei: Institutions and markets |x15.2009en_US
dc.subject.jelG14en_US
dc.subject.jelN25en_US
dc.subject.ddc330en_US
dc.subject.keywordSpeculationen_US
dc.subject.keywordChinese Stock Marketen_US
dc.subject.keywordMarket segmentationen_US
dc.subject.keywordEvent studyen_US
dc.subject.keywordMarket Efficiencyen_US
dc.titleStock prices in a speculative market: The Chinese split-share reformen_US
dc.typeWorking Paperen_US
dc.identifier.ppn644918225en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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