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dc.contributor.authorBeltratti, Andreaen
dc.contributor.authorBortolotti, Bernardoen
dc.contributor.authorCaccavaio, Mariannaen
dc.date.accessioned2011-01-31-
dc.date.accessioned2011-12-15T11:30:42Z-
dc.date.available2011-12-15T11:30:42Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aFondazione Eni Enrico Mattei (FEEM) |cMilanoen
dc.relation.ispartofseries|aNota di Lavoro |x15.2009en
dc.subject.jelG14en
dc.subject.jelN25en
dc.subject.ddc330en
dc.subject.keywordSpeculationen
dc.subject.keywordChinese Stock Marketen
dc.subject.keywordMarket segmentationen
dc.subject.keywordEvent studyen
dc.subject.keywordMarket Efficiencyen
dc.titleStock prices in a speculative market: The Chinese split-share reform-
dc.typeWorking Paperen
dc.identifier.ppn644918225en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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