CROSS-MARKET TRADING IN CHINA'S LARGE STATE-OWNED COMMERCIAL BANKS, 20062011

被引：3

作者：

Burdekin, Richard C. K. ^{[1
]}

Yang, Yang ^{[2
]}

机构：

[1] Claremont Mckenna Coll, Claremont, CA 91711 USA

[2] Macroecon Advisers LLC, Washington, DC 20006 USA

来源：

CONTEMPORARY ECONOMIC POLICY | 2013年 / 31卷 / 02期

关键词：

OWNERSHIP REFORM; GREATER CHINA; SHARE PRICES; STOCK-MARKET; HONG-KONG; INTEGRATION; EFFICIENCY; PERFORMANCE; SENTIMENT; COST;

D O I：

10.1111/j.1465-7287.2011.00306.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the differential between the share prices of China's large state-owned commercial banks traded in Shanghai versus prices observed in Hong Kong. We find a significant role for investor sentiment, as reflected in relative price-earnings ratios, in explaining these price differentials for all four banks. The share price in Shanghai tends to move ahead of the share price in Hong Kong when more positive sentiment in Shanghai makes local investors willing to pay more for the same predicted earnings. We also identify common trends in relative bank price-earnings ratios and price differentials across the two markets. (JEL G14, G15)

引用

页码：366 / 377

页数：12

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