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.


Article metrics loading...

Loading full text...

Full text loading...


Literature Cited

  1. Admati AR, Pfleiderer P, Zechner J. 1994. Large shareholder activism, risk sharing, and financial market equilibrium. J. Political Econ. 102:1097–130 [Google Scholar]
  2. Allen F. 2001. Do financial institutions matter?. J. Finance 56:1165–75 [Google Scholar]
  3. Allen F, Qian J, Qian M. 2005. Law, finance, and economic growth in China. J. Financ. Econ. 77:57–116 [Google Scholar]
  4. Allen F, Qian J, Shan SC, Zhu JL. 2017. Dissecting the long-term performance of the Chinese stock market Work. Pap., Shanghai Adv. Inst. Finance
  5. Allen WT, Shen H. 2011. Assessing China's top-down securities markets NBER Work. Pap. 16713
  6. Amihud Y. 2002. Illiquidity and stock returns: cross-section and time-series effects. J. Financ. Markets 5:31–56 [Google Scholar]
  7. Andrade SC, Bian J, Burch TR. 2013. Analyst coverage, information, and bubbles. J. Financ. Quant. Anal. 48:1573–605 [Google Scholar]
  8. Ang A, Hodrick RJ, Xing Y, Zhang X. 2006. The cross-section of volatility and expected returns. J. Finance 61:259–99 [Google Scholar]
  9. Bai J, Philippon T, Savov A. 2016. Have financial markets become more informative. J. Financ. Econ. 122:625–54 [Google Scholar]
  10. Bailey W, Jagtiani J. 1994. Foreign ownership restrictions and stock prices in the Thai capital market. J. Financ. Econ. 36:57–87 [Google Scholar]
  11. Bailey W, Karolyi GA, Salva C. 2006. The economic consequences of increased disclosure: evidence from international cross-listings. J. Financ. Econ. 81:175–213 [Google Scholar]
  12. Bakke T-E, Whited TM. 2010. Which firms follow the market? An analysis of corporate investment decisions. Rev. Financ. Stud. 23:1941–80 [Google Scholar]
  13. Bali TG, Cakici N, Whitelaw RF. 2011. Maxing out: stocks as lotteries and the cross-section of expected returns. J. Financ. Econ. 99:427–46 [Google Scholar]
  14. Bao X, Johan S, Kutsuna K. 2016. Do political connections matter in accessing capital markets? Evidence from China. Emerg. Markets Rev. 29:24–41 [Google Scholar]
  15. Barberis N, Boycko M, Shleifer A, Tsukanova N. 1996. How does privatization work? Evidence from the Russian shops. J. Political Econ. 104:764–90 [Google Scholar]
  16. Beltratti A, Bortolotti B, Caccavaio M. 2016. Stock market efficiency in China: evidence from the split-share reform. Q. Rev. Econ. Finance 60:125–37 [Google Scholar]
  17. Bessembinder H, Seguin PJ. 1992. Futures-trading activity and stock price volatility. J. Finance 47:2015–34 [Google Scholar]
  18. Bian J, Su T, Wang J. 2015. Non-marketability and one-day selling lockup Presented at Asian Finance Assoc. Conf., June 30, Changsha, China
  19. Bond P, Edmans A, Goldstein I. 2012. The real effects of financial markets. Annu. Rev. Financ. Econ. 4:339–60 [Google Scholar]
  20. Breeden DT, Litzenberger RH. 1978. Prices of state-contingent claims implicit in option prices. J. Bus. 51:621–51 [Google Scholar]
  21. Brennan MJ, Cao HH. 1997. International portfolio investment flows. J. Finance 52:1851–80 [Google Scholar]
  22. Brunnermeier MK, Sockin M, Xiong W. 2017. China's model of managing the financial system Work. Pap., Princeton Univ.
  23. Burnham TC, Gakidis H, Wurgler J. 2017. Investing in the presence of massive flows: the case of MSCI country reclassifications Work. Pap., Stern Sch. Bus., N.Y. Univ.
  24. Cakici N, Chan K, Topyan K. 2011. Cross-sectional stock return predictability in China Work. Pap., Fordham Univ.
  25. Calomiris CW, Fisman R, Wang Y. 2010. Profiting from government stakes in a command economy: evidence from Chinese asset sales. J. Financ. Econ. 96:399–412 [Google Scholar]
  26. Carpenter JN, Lu F, Whitelaw RF. 2017. The real value of China's stock market Work. Pap., Stern Sch. Bus., N.Y. Univ.
  27. Chakravarty S, Sarkar A, Wu L. 1998. Information asymmetry, market segmentation and the pricing of cross-listed shares: theory and evidence from Chinese A and B shares. J. Int. Financ. Markets Inst. Money 8:325–56 [Google Scholar]
  28. Chan K. 1992. A further analysis of the lead–lag relationship between the cash market and stock index futures market. Rev. Financ. Stud. 5:123–52 [Google Scholar]
  29. Chan K, Chan KC, Karolyi GA. 1991. Intraday volatility in the stock index and stock index futures markets. Rev. Financ. Stud. 4:657–84 [Google Scholar]
  30. Chan K, Hameed A. 2006. Stock price synchronicity and analyst coverage in emerging markets. J. Financ. Econ. 80:115–47 [Google Scholar]
  31. Chan K, Kwok. 2005. Market segmentation and share price premium evidence from Chinese stock markets. J. Emerg. Market Finance 4:43–61 [Google Scholar]
  32. Chan K, Menkveld AJ, Yang Z. 2008. Information asymmetry and asset prices: evidence from the China foreign share discount. J. Finance 63:159–96 [Google Scholar]
  33. Chan K, Wang J, Wei KCJ. 2004. Underpricing and long-term performance of IPOs in China. J. Corp. Finance 10:409–30 [Google Scholar]
  34. Chang Y-C, Hong HG, Tiedens L, Wang N, Zhao B. 2015. Does diversity lead to diverse opinions? Evidence from languages and stock markets Work. Pap. 134, Rock Cent. Corp. Gov Stanford Univ.:
  35. Chari A, Henry PB. 2008. Firm-specific information and the efficiency of investment. J. Financ. Econ. 87:636–55 [Google Scholar]
  36. Chen C, Hu X, Shao Y, Wang J. 2015. Fama–French in China: size and value factors in Chinese stock returns Work. Pap., Univ Hong Kong:
  37. Chen C-D, Demirer R, Jategaonkar SP. 2015. Risk and return in the Chinese stock market: Does equity return dispersion proxy risk?. Pac. Basin Finance J. 33:23–37 [Google Scholar]
  38. Chen D, Jiang D, Ljungqvist A, Lu H, Zhou M. 2015. State capitalism versus private enterprise NBER Work. Pap. 20930
  39. Chen G, Firth M, Kim J-B. 2004. IPO underpricing in China's new stock markets. J. Multinatl. Financ. Manag. 14:283–302 [Google Scholar]
  40. Chen G-M, Lee B-S, Rui O. 2001. Foreign ownership restrictions and market segmentation in China's stock markets. J. Financ. Res. 24:133–55 [Google Scholar]
  41. Chen H, Han Q, Li Y, Wu K. 2013. Does index futures trading reduce volatility in the Chinese stock market? A panel data evaluation approach. J. Futures Markets 33:1167–90 [Google Scholar]
  42. Chen J, Hong H, Huang M, Kubik JD. 2004. Does fund size erode mutual fund performance? The role of liquidity and organization. Am. Econ. Rev. 94:1276–302 [Google Scholar]
  43. Chen J, Hong H, Stein JC. 2002. Breadth of ownership and stock returns. J. Financ. Econ. 66:171–205 [Google Scholar]
  44. Chen J, Jiang F, Tong G. 2016. Economic policy uncertainty in China and stock market expected returns Work. Pap., Xiamen Univ.
  45. Chen Q, Chen X, Schipper K, Xu Y, Xue J. 2012. The sensitivity of corporate cash holdings to corporate governance. Rev. Financ. Stud. 25:3610–44 [Google Scholar]
  46. Chen Q, Goldstein I, Jiang W. 2007. Price informativeness and investment sensitivity to stock price. Rev. Financ. Stud. 20:619–50 [Google Scholar]
  47. Chen X, Kim KA, Yao T, Yu T. 2010. On the predictability of Chinese stock returns. Pac. Basin Finance J. 18:403–25 [Google Scholar]
  48. Chiras DP, Manaster S. 1978. The information content of option prices and a test of market efficiency. J. Financ. Econ. 6:213–34 [Google Scholar]
  49. Choi JJ, Jin L, Yan H. 2016. Informed trading and expected returns. Work. Pap., Yale Univ.
  50. Chung T-K, Hui C-H, Li K-F. 2013. Explaining share price disparity with parameter uncertainty: evidence from Chinese A- and H-shares. J. Bank. Finance 37:1073–83 [Google Scholar]
  51. Cong W, Howell ST, Zhang R. 2017. How public markets foster firm standardization: evidence from Chinese IPOs. Work. Pap., Stern Sch. Bus., N.Y. Univ. [Google Scholar]
  52. Cornett MM, Marcus AJ, Saunders A, Tehranian H. 2007. The impact of institutional ownership on corporate operating performance. J. Bank. Finance 31:1771–94 [Google Scholar]
  53. Doidge C. 2004. US cross-listings and the private benefits of control: evidence from dual-class firms. J. Financ. Econ. 72:519–53 [Google Scholar]
  54. Doidge C, Karolyi GA, Stulz RM. 2004. Why are foreign firms listed in the US worth more. J. Financ. Econ. 71:205–38 [Google Scholar]
  55. Domowitz I, Glen J, Madhavan A. 1997. Market segmentation and stock prices: evidence from an emerging market. J. Finance 52:1059–85 [Google Scholar]
  56. Dow J, Gorton G. 1997. Stock market efficiency and economic efficiency: is there a connection?. J. Finance 52:1087–129 [Google Scholar]
  57. Durnev A, Morck R, Yeung B. 2004. Value-enhancing capital budgeting and firm-specific stock return variation. J. Finance 59:65–105 [Google Scholar]
  58. Durnev A, Morck R, Yeung B, Zarowin P. 2003. Does greater firm-specific return variation mean more or less informed stock pricing?. J. Account. Res. 41:797–836 [Google Scholar]
  59. Fama EF, French KR. 1992. The cross-section of expected stock returns. J. Finance 47:427–65 [Google Scholar]
  60. Fan JPH, Wong TJ, Zhang T. 2007. Politically connected CEOs, corporate governance, and post-IPO performance of China's newly partially privatized firms. J. Financ. Econ. 84330–57 [Google Scholar]
  61. Feng L, Seasholes MS. 2004. Correlated trading and location. J. Finance 59:2117–44 [Google Scholar]
  62. Fernald J, Rogers JH. 2002. Puzzles in the Chinese stock market. Rev. Econ. Stat. 84:416–32 [Google Scholar]
  63. Fernandes N, Ferreira MA. 2008. Does international cross-listing improve the information environment. J. Financ. Econ. 88:216–44 [Google Scholar]
  64. Fernandes N, Ferreira MA. 2009. Insider trading laws and stock price informativeness. Rev. Financ. Stud. 22:1845–87 [Google Scholar]
  65. Figlewski S, Webb GP. 1993. Options, short sales, and market completeness. J. Finance 48:761–77 [Google Scholar]
  66. Firth M, Lin C, Zou H. 2010. Friend or foe? The role of state and mutual fund ownership in the split share structure reform in China. J. Financ. Quant. Anal. 45:685–706 [Google Scholar]
  67. Foucault T, Gehrig T. 2008. Stock price informativeness, cross-listings, and investment decisions. J. Financ. Econ. 88:146–68 [Google Scholar]
  68. Glosten LR, Milgrom PR. 1985. Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. J. Financ. Econ. 14:71–100 [Google Scholar]
  69. Grossman SJ, Stiglitz JE. 1980. On the impossibility of informationally efficient markets. Am. Econ. Rev. 70:393–408 [Google Scholar]
  70. Guiso L, Sapienza P, Zingales L. 2008. Trusting the stock market. J. Finance 63:2557–600 [Google Scholar]
  71. Guiso L, Sapienza P, Zingales L. 2009. Cultural biases in economic exchange?. Q. J. Econ. 124:1095–131 [Google Scholar]
  72. Gul FA, Kim J-B, Qiu AA. 2010. Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: evidence from China. J. Financ. Econ. 95:425–42 [Google Scholar]
  73. Guo L, Tang L, Yang SX. 2013. Corporate governance and market segmentation: evidence from the price difference between Chinese A and H shares. Rev. Quant. Finance Account. 41:385–416 [Google Scholar]
  74. Hail L, Leuz C. 2009. Cost of capital effects and changes in growth expectations around US cross-listings. J. Financ. Econ. 93:428–54 [Google Scholar]
  75. Han Q, Liang J. 2017. Index futures trading restrictions and spot market quality: evidence from the recent Chinese stock market crash. J. Futures Markets 37:411–28 [Google Scholar]
  76. Harris L. 1989. S&P 500 cash stock price volatilities. J. Finance 44:1155–75 [Google Scholar]
  77. Harrison JM, Kreps DM. 1978. Speculative investor behavior in a stock market with heterogeneous expectations. Q. J. Econ. 92:323–36 [Google Scholar]
  78. Henry PB. 2000a. Do stock market liberalizations cause investment booms?. J. Financ. Econ. 58:301–34 [Google Scholar]
  79. Henry PB. 2000b. Stock market liberalization, economic reform, and emerging market equity prices. J. Finance 55:529–64 [Google Scholar]
  80. Hietala PT. 1989. Asset pricing in partially segmented markets: evidence from the Finnish market. J. Finance 44:697–718 [Google Scholar]
  81. Hilliard J, Zhang H. 2015. Size and price-to-book effects: evidence from the Chinese stock markets. Pac. Basin Finance J. 32:40–55 [Google Scholar]
  82. Hong H, Jiang W, Wang N, Zhao B. 2014. Trading for status. Rev. Financ. Stud. 27:3171–212 [Google Scholar]
  83. Hsieh C-T, Klenow PJ. 2009. Misallocation and manufacturing TFP in China and India. Q. J. Econ. 124:1403–48 [Google Scholar]
  84. Hu G, Huang S, Xiao JZ, Zou H. 2016. Which price to learn from? Evidence from cross listings with market segmentation Work. Pap., Tianjin Univ. Finance Econ.
  85. Huang W, Zhu T. 2015. Foreign institutional investors and corporate governance in emerging markets: evidence of a split-share structure reform in China. J. Corp. Finance 32:312–26 [Google Scholar]
  86. ICI (Invest. Co. Inst.) 2016. 2016 Investment Company Factbook. Washington, DC: ICI
  87. Jegadeesh N, Titman S. 1993. Returns to buying winners and selling losers: implications for stock market efficiency. J. Finance 48:65–91 [Google Scholar]
  88. Jenkinson T, Ljungqvist A. 2001. Going Public: The Theory and Evidence on How Companies Raise Equity Finance Oxford, UK: Oxford Univ. Press
  89. Jia C, Wang Y, Xiong W. 2015. Social trust and differential reactions of local and foreign investors to public news NBER Work. Pap. 21075
  90. Jia W, Pownall G, Zhao J. 2014. Does the Chinese government value good firms? Evidence from P-chips and Red-chips listed in Hong Kong Work. Pap., Emory Univ.
  91. Jin L, Myers SC. 2006. R2 around the world: new theory and new tests. J. Financ. Econ. 79:257–92 [Google Scholar]
  92. Karolyi GA, Li L, Liao R. 2009. A (partial) resolution of the Chinese discount puzzle: the 2001 deregulation of the B-share market. J. Financ. Econ. Policy 1:80–106 [Google Scholar]
  93. Kot HW, Tam LHK. 2016. Are stock price more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies. Pac. Basin Finance J. 36:31–45 [Google Scholar]
  94. Kyle AS. 1985. Continuous auctions and insider trading. Econometrica 53:1315–35 [Google Scholar]
  95. Lel U, Miller DP. 2008. International cross-listing, firm performance, and top management turnover: a test of the bonding hypothesis. J. Finance 63:1897–937 [Google Scholar]
  96. Li K, Wang T, Cheung Y-L, Jiang P. 2011. Privatization and risk sharing: evidence from the split share structure reform in China. Rev. Financ. Stud. 24:2499–525 [Google Scholar]
  97. Li S, Brockman P, Zurbruegg R. 2015. Cross-listing, firm-specific information, and corporate governance: evidence from Chinese A-shares and H-shares. J. Corp. Finance 32:347–62 [Google Scholar]
  98. Li W. 1997. The impact of economic reform on the performance of Chinese state enterprises, 1980–1989. J. Political Econ. 105:1080–106 [Google Scholar]
  99. Liao L, Liu B, Wang H. 2011. Information discovery in share lockups: evidence from the split-share structure reform in China. Financ. Manag. 40:1001–27 [Google Scholar]
  100. Liao L, Liu B, Wang H. 2014. China's secondary privatization: perspectives from the split-share structure reform. J. Financ. Econ. 113:500–18 [Google Scholar]
  101. Lin JY, Cai F, Li Z. 1998. Competition, policy burdens, and state-owned enterprise reform. Am. Econ. Rev. 88:422–27 [Google Scholar]
  102. Liu LX, Shu H, Wei KCJ. 2017. The impacts of political uncertainty on asset prices: evidence from the Bo scandal in China. J. Financ. Econ. 125:286–310 [Google Scholar]
  103. Liu Q, Siu A. 2012. Institutions and corporate investment: evidence from investment-implied return on capital in China. J. Financ. Quant. Anal. 46:1831–63 [Google Scholar]
  104. Loh J. 2016. Information in Hong Kong H-share prices BS Honors Thesis, Stern Sch. Bus., N.Y. Univ.
  105. Lou F, Wang J, Yuan H. 2014. Stock liquidity and the pricing of earnings: a comparison of China's floating and nonfloating shares. Emerg. Markets Finance Trade 50:140–57 [Google Scholar]
  106. Lou S. 2016. The effect of government intervention on stock synchronicity in China BS Honors Thesis, Stern Sch. Bus., N.Y. Univ.
  107. Lu H, Fu J. 2014. Structural changes in Chinese stock market: a review of empirical research. China Account. Finance Rev. 16:39–65 [Google Scholar]
  108. Luo Y. 2005. Do insiders learn from outsiders? Evidence from mergers and acquisitions. J. Finance 60:1951–82 [Google Scholar]
  109. Ma X. 1996. Capital controls, market segmentation and stock prices: evidence from the Chinese stock market. Pac. Basin Finance J. 4:219–39 [Google Scholar]
  110. Manaster S, Rendleman RJ. 1982. Option prices as predictors of equilibrium stock prices. J. Finance 37:1043–57 [Google Scholar]
  111. Markovitch DG, Steckel JH, Yeung B. 2005. Using capital markets as market intelligence: evidence from the pharmaceutical industry. Manag. Sci. 51:1467–80 [Google Scholar]
  112. Megginson WL, Netter JM. 2001. From state to market: a survey of empirical studies on privatization. J. Econ. Lit. 39:321–89 [Google Scholar]
  113. Mei J, Scheinkman JA, Xiong W. 2009. Speculative trading and stock prices: evidence from Chinese AB share premia. Ann. Econ. Finance 10:225–55 [Google Scholar]
  114. Miller EM. 1977. Risk, uncertainty, and divergence of opinion. J. Finance 32:1151–68 [Google Scholar]
  115. Mok HMK, Hui YV. 1998. Underpricing and aftermarket performance of IPOs in Shanghai, China. Pac. Basin Finance J. 6:453–74 [Google Scholar]
  116. Morck R, Nakamura M. 1999. Banks and corporate control in Japan. J. Finance 54:319–39 [Google Scholar]
  117. Morck R, Yeung B, Yu W. 2000. The information content of stock markets: Why do emerging markets have synchronous stock price movements?. J. Financ. Econ. 58:215–60 [Google Scholar]
  118. Morck R, Yeung B, Yu W. 2013. R-squared and the economy NBER Work. Pap. 19017
  119. Nartea GV, Kong D, Wu JG. 2017. Do extreme returns matter in emerging markets? Evidence from the Chinese stock market. J. Bank. Finance 76:189–97 [Google Scholar]
  120. Ofek E, Richardson M. 2000. The IPO lock-up period: implications for market efficiency and downward sloping demand curves Work. Pap., Stern Sch. Bus., N.Y. Univ.
  121. Ofek E, Richardson M, Whitelaw RF. 2004. Limited arbitrage and short sales restrictions: evidence from the options markets. J. Financ. Econ. 74:305–42 [Google Scholar]
  122. Pan F, Brooker D. 2014. Going global? Examining the geography of Chinese firms’ overseas listings on international stock exchanges. Geoforum 52:1–11 [Google Scholar]
  123. Pan J, Poteshman AM. 2006. The information in option volume for future stock prices. Rev. Financ. Stud. 19:871–908 [Google Scholar]
  124. Peng L, Xiong W. 2006. Investor attention, overconfidence and category learning. J. Financ. Econ. 80:563–602 [Google Scholar]
  125. Peng Z, Tang Q, Wang K. 2014. Adjustment of the stamp duty on stock transactions and its effect on the Chinese stock market. Emerg. Markets Finance Trade 50:183–96 [Google Scholar]
  126. Piotroski JD, Zhang T. 2014. Politicians and the IPO decision: the impact of impending political promotions on IPO activity in China. J. Financ. Econ. 111:111–36 [Google Scholar]
  127. Qian J. 2016. The 2015 stock panic of China: a narrative Work. Pap., Shanghai Jiao Tong Univ.
  128. Rey H. 2015. Dilemma not trilemma: the global financial cycle and monetary policy independence NBER Work. Pap. 21162
  129. Ritter JR, Welch I. 2002. A review of IPO activity, pricing, and allocations. J. Finance 57:1795–828 [Google Scholar]
  130. Roll R. 1984. Orange juice and weather. Am. Econ. Rev. 74:861–80 [Google Scholar]
  131. Roll R. 1988. R2. J. Finance 43:541–66 [Google Scholar]
  132. Scheinkman JA, Xiong W. 2003. Overconfidence and speculative bubbles. J. Political Econ. 111:1183–220 [Google Scholar]
  133. Shen J. 2016. A study on the listing choices of Chinese companies BS Honors Thesis, Stern Sch. Bus., N.Y. Univ.
  134. Silber WL. 1991. Discounts on restricted stock: the impact of illiquidity on stock prices. Financ. Anal. J. 47:60–64 [Google Scholar]
  135. Smith MP. 1996. Shareholder activism by institutional investors: evidence from CalPERS. J. Finance 51:227–52 [Google Scholar]
  136. Smith RC. 2016. Is China the next Japan?. Indep. Rev. 21:275–298 [Google Scholar]
  137. Stein JC. 1987. Informational externalities and welfare-reducing speculation. J. Political Econ. 95:1123–45 [Google Scholar]
  138. Stulz RM, Wasserfallen W. 1995. Foreign equity investment restrictions, capital flight, and shareholder wealth maximization: theory and evidence. Rev. Financ. Stud. 8:1019–57 [Google Scholar]
  139. Su D, Fleisher BM. 1999. An empirical investigation of underpricing in Chinese IPOs. Pac. Basin Finance J. 7:173–202 [Google Scholar]
  140. Sun Q, Tong WHS. 2003. China share issue privatization: the extent of its success. J. Financ. Econ. 70:183–222 [Google Scholar]
  141. Tang K, Wang W, Xu R. 2012. Size and performance of Chinese mutual funds: the role of economy of scale and liquidity. Pac. Basin Finance J. 20:228–46 [Google Scholar]
  142. Van Nieuwerburgh S, Veldkamp L. 2009. Information immobility and the home bias puzzle. J. Finance 64:1187–215 [Google Scholar]
  143. Wahal S. 1996. Pension fund activism and firm performance. J. Financ. Quant. Anal. 31:1–23 [Google Scholar]
  144. Wang Y, Zhou G, Zhu Y. 2016. The Chinese warrant bubble: a fundamental analysis Work. Pap., Tsinghua Univ.
  145. Wei Z, Xie F, Zhang S. 2005. Ownership structure and firm value in China's privatized firms: 1991–2001. J. Financ. Quant. Anal. 40:87–108 [Google Scholar]
  146. Whited TM, Zhao J. 2015. Capital structure misallocation Work. Pap., Univ. Mich.
  147. Woidtke T. 2002. Agents watching agents? Evidence from pension fund ownership and firm value. J. Financ. Econ. 63:99–131 [Google Scholar]
  148. Wurgler J. 2000. Financial markets and the allocation of capital. J. Financ. Econ. 58:187–214 [Google Scholar]
  149. Xie S, Mo T. 2014. Index futures trading and stock market volatility in China: a difference-in-difference approach. J. Futures Markets 34:282–97 [Google Scholar]
  150. Xiong W, Yu J. 2011. The Chinese warrants bubble. Am. Econ. Rev. 101:2723–53 [Google Scholar]
  151. Xu J, Zhang S. 2014. The Fama–French three factors in the Chinese stock market. China Account. Finance Rev. 16:210–27 [Google Scholar]
  152. Yang J, Yang Z, Zhou Y. 2012. Intraday price discovery and volatility transmission in stock index and stock index futures markets: evidence from China. J. Futures Markets 32:99–121 [Google Scholar]
  153. Yao Y. 2012. The core issues of open-ended funds in China: conflicts of interest and ownership structure. Int. J. Acad. Res. Bus. Soc. Sci. 2:443–79 [Google Scholar]
  154. Yu T, Tse YK. 2006. An empirical examination of IPO underpricing in the Chinese A-share market. China Econ. Rev. 17:363–82 [Google Scholar]
  155. Yuan R, Xiao JZ, Zou H. 2008. Mutual funds? Ownership and firm performance: evidence from China. J. Bank. Finance 32:1552–65 [Google Scholar]

Data & Media loading...

  • Article Type: Review Article
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error