Ownership Restrictions And Stock Prices
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Author | : Dongwei Su |
Publisher | : |
Total Pages | : |
Release | : 2001 |
Genre | : |
ISBN | : |
Download Ownership Restrictions and Stock Prices Book in PDF, Epub and Kindle
In this paper, I test a one-period capital asset pricing model (CAPM) under share ownership restrictions to explain differences in prices and expected excess returns between the classes of shares that can be bought and traded by domestic and foreign investors, respectively, in the Chinese stock markets. I find that cross-sectional variability in the spread between the expected domestic and foreign share excess returns is related to differences in individual shares' market betas. The empirical results are by and large consistent with the CAPM. After the betas are controlled for, idiosyncratic variance and firm size have no effect.
Author | : Warren Bailey |
Publisher | : |
Total Pages | : |
Release | : 1998 |
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Download Foreign Ownership Restrictions and Equity Price Premiums Book in PDF, Epub and Kindle
We study the impact of barriers to international capital flows with stock price data from eleven countries whose capital markets features shares restricted to locals and otherwise identical unrestricted shares to foreigners. Large price premiums for unrestricted shares relative to otherwise identical restricted shares are typically observed. Although basic notions of international asset pricing offer straightforward explanation for the price premiums, we find little evidence that the premiums are explained by lower foreign required returns. Alternative concepts and theories centering on investor demand, sentiment, and information availability are more successful in explaining the time-series and cross-section of price premiums. More specifically, premiums for unrestricted shares are positively correlated with international mutual fund flows, matching closed-end country fund premiums, national credit ratings, and coverage of companies by global publications.
Author | : Warren Bernard Bailey |
Publisher | : |
Total Pages | : 46 |
Release | : 1994 |
Genre | : Capital market |
ISBN | : |
Download Foreign Ownership Restrictions and Stock Prices in the Thai Capital Market : Book in PDF, Epub and Kindle
Author | : Kam C. Chan |
Publisher | : |
Total Pages | : 16 |
Release | : 1996 |
Genre | : Stock ownership |
ISBN | : |
Download Ownership Restrictions and Stock Price Behavior in China Book in PDF, Epub and Kindle
Author | : Gong-meng Chen |
Publisher | : |
Total Pages | : |
Release | : 2001 |
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Download Foreign Ownership Restrictions and Market Segmentation in China's Stock Markets Book in PDF, Epub and Kindle
We study market segmentation in China's stock markets, in which local firms issue two classes of shares: class A shares available only to Chinese citizens and class B shares available only to foreign citizens. Significant stock price discounts are documented for class B shares. We find that the price difference is primarily due to illiquid B-share markets. Relatively illiquid B-share stocks have a higher expected return and are priced lower to compensate investors for increased trading costs. However, between the two classes of shares, B-share prices tend to move more closely with market fundamentals than A-share prices. Therefore, we find A-share premia rather than B-share discounts in China's markets.
Author | : James Burk |
Publisher | : Walter de Gruyter GmbH & Co KG |
Total Pages | : 220 |
Release | : 2020-01-20 |
Genre | : Law |
ISBN | : 3110868415 |
Download Values in the Marketplace Book in PDF, Epub and Kindle
No detailed description available for "Values in the Marketplace".
Author | : Michael Sheimo |
Publisher | : McGraw Hill Professional |
Total Pages | : 330 |
Release | : 1999-05-21 |
Genre | : Business & Economics |
ISBN | : 9780071371230 |
Download Stock Market Rules: 70 of the Most Widely Held Investment Axioms Explained, Examined and Exposed Book in PDF, Epub and Kindle
Wall Street traders live by time-honored rulesaxioms like "Follow a Few Stocks Well", or "Buy On the Rumor and Sell on the News"but only Stock Market Rules tells traders which to trust! A sleeper hit in its previous edition, this instantly accessible book uses an analytical aproach to verify or debunk Wall Street's 70 most followed rules. Investors of all levels, always on the lookout for an edge, will appreciate how it offers guidelines for virtually every market situation. In this updated edition, Stock Market Rules explains 20 all new axioms not previously covered, in a concise and easy-to-reference format, and also reflects the dramatic changes in the market.
Author | : Ian Domowitz |
Publisher | : |
Total Pages | : |
Release | : 1998 |
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Download Market Segmentation and Stock Prices Book in PDF, Epub and Kindle
Restrictions on equity ownership are common in many countries, especially emerging markets. Yet, despite their importance, many basic empirical questions regarding the effects of such barriers to investment remain unanswered. This paper examines the relation between stock prices and market segmentation induced by ownership restrictions in Mexico. The Mexican market is of particular interest, because firms typically issue multiple classes of equity that differentiate between foreign and domestic traders, and in the case of financial firms, between domestic individuals and institutions. We document significant stock price premia for unrestricted stock, reflecting segmentation induced by ownership restrictions. Using panel data techniques, we analyze the determinants of segmentation across firms and over time. In addition to economy-wide factors, such as foreign perceptions of currency risk, segmentation also reflects the relative scarcity of unrestricted shares. Our results are consistent with theoretical models, in which firms adjust their outstanding shares to discriminate between investor groups with different demand elasticities.
Author | : Elias Oikarinen |
Publisher | : |
Total Pages | : |
Release | : 2015 |
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Download Foreign Ownership of Stocks and Long-Run Interdependence Between National Housing and Stock Markets - Evidence from Finnish Data Book in PDF, Epub and Kindle
Globalization of the financial markets may have undermined co-movement between stock and housing markets, at least in small open economies. This paper provides an empirical study on the long-term dynamic interrelation between stock and housing markets in a small open economy with special attention to the effect of foreign investors on the dynamics. The empirical findings, based on a quarterly dataset from Finland over 1970-2006, do not support the hypothesis of diminished co-movement between Finnish stock and housing markets after the abolishment of the foreign ownership restrictions of stocks in 1993. The markets still appear to be tightly interdependent in the long run. Nevertheless, the results suggest that the substantial growth in the foreign ownership of Finnish stocks induced a large and long-lasting deviation from the co-integrating long-run relation between stock and housing prices. The results also imply that diversification between stock and housing markets works the worse the longer the investment horizon is.
Author | : Bernt Arne Ødegaard |
Publisher | : |
Total Pages | : 28 |
Release | : 2010 |
Genre | : |
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Download Price Differences between Equity Classes Book in PDF, Epub and Kindle
This paper is the first comprehensive study of price differences for dual class equity at the Oslo Stock Exchange. It analyzes the relative importance of corporate control, foreign ownership restrictions and stock market liquidity for the price differences. The Norwegian market has the peculiar feature that in part of the sample period nonvoting shares were trading at a premium to voting shares, i.e., what is usually termed the quot;voting premiumquot; was negative. This result can be rationalized by restrictions on foreign ownership. In the later part of the period, with no regulatory restrictions on foreign ownership, the voting premium is positive, and related to corporate governance and liquidity.