成人直播

学术研讨会

金融学系列讲座(2008-3-10)

发布时间:2009-03-09

题目:Understanding the variation of foreign share price discounts- a study of dual-listed Chinese firms

演讲人:Steven Wei, Hong Kong Polytechnic University

时间:3月10日(周二)下午1:30-3:00

地点:新楼214教室

摘要:This paper investigates what drives the price disparity to vary in the “twin” shares (A shares traded largely by domestic investors while B- and H- shares traded mainly by foreign investors) in China. Extending the variance decomposition framework of Vuolteenaho (2002), we decompose the unexpected price disparity into two terms: difference in expected return news and difference in cash flow news. Our results show that diff

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