The Development of China's Stock Market and Stakes for the Global Economy
The rise of China and fivefold growth of its stock market over the past decade have fueled a growing literature on this market in financial economics. On the corporate side, researchers have evaluated the progress of China's stages of privatization, analyzed biases in the selection of firms for...
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| Published in | Annual review of financial economics Vol. 9; no. 1; pp. 233 - 257 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Annual Reviews
01.11.2017
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| Online Access | Get full text |
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| Abstract | The rise of China and fivefold growth of its stock market over the past decade have fueled a growing literature on this market in financial economics. On the corporate side, researchers have evaluated the progress of China's stages of privatization, analyzed biases in the selection of firms for listing, and documented massive underpricing of initial public offerings. On the asset pricing side, researchers have studied the price premium of domestic A shares over their foreign-share counterparts, analyzed the firm-specific information content of prices, provided new evidence on informational and behavioral effects in prices, and begun to identify systematic cross-sectional patterns in returns. Numerous areas are ripe for future research as China's stock market continues to grow in global influence and as ongoing reform provides new natural experiments. Challenges for the field will be to gain familiarity with China's distinctive financial system and to avoid overapplying research paradigms developed for the US setting. |
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| AbstractList | The rise of China and fivefold growth of its stock market over the past decade have fueled a growing literature on this market in financial economics. On the corporate side, researchers have evaluated the progress of China's stages of privatization, analyzed biases in the selection of firms for listing, and documented massive underpricing of initial public offerings. On the asset pricing side, researchers have studied the price premium of domestic A shares over their foreign-share counterparts, analyzed the firm-specific information content of prices, provided new evidence on informational and behavioral effects in prices, and begun to identify systematic cross-sectional patterns in returns. Numerous areas are ripe for future research as China's stock market continues to grow in global influence and as ongoing reform provides new natural experiments. Challenges for the field will be to gain familiarity with China's distinctive financial system and to avoid overapplying research paradigms developed for the US setting. |
| Author | Whitelaw, Robert F Carpenter, Jennifer N |
| AuthorAffiliation | carpenter@stern.nyu.edu 1 2 National Bureau of Economic Research, Cambridge, Massachusetts 02138 , rwhitela@stern.nyu.edu Stern School of Business, New York University, New York, NY 10012; email |
| AuthorAffiliation_xml | – name: Stern School of Business, New York University, New York, NY 10012; email – name: carpenter@stern.nyu.edu – name: rwhitela@stern.nyu.edu – name: , – name: 2 – name: 1 – name: National Bureau of Economic Research, Cambridge, Massachusetts 02138 |
| Author_xml | – sequence: 1 givenname: Jennifer N surname: Carpenter fullname: Carpenter, Jennifer N – sequence: 2 givenname: Robert F surname: Whitelaw fullname: Whitelaw, Robert F |
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| Snippet | The rise of China and fivefold growth of its stock market over the past decade have fueled a growing literature on this market in financial economics. On the... |
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| Title | The Development of China's Stock Market and Stakes for the Global Economy |
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