Ownership Restrictions and Foreign Shares Discount

Dongwei Su ()

Chapter 4 in Chinese Stock Markets:A Research Handbook, 2003, pp 123-167 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionOwnership Restrictions in Chinese Stock MarketsA Price Discrimination ModelModeling Ownership RestrictionsInvestors' Maximization ProblemsFirms' Maximization ProblemsCorner Solutions for Domestic Firms' Maximization ProblemsRelaxing Ownership RestrictionsAn Intertemporal Capital Asset Pricing ModelStock Price and Return DynamicsIntertemporal Maximization by Domestic InvestorsIntertemporal Maximization by Foreign InvestorsTestable Implications From the ModelsEmpirical ResultsEstimating BetasErrors-in- Variables and Tests for B-share PremiumsIdiosyncratic Variance Effect and Firm Size EffectSummary

Date: 2003
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